My homeowners policy has gone up every years (as expected), and I’ve been with the same company for 4 years now. My understanding is that it is advantageous to shop around every few years.
I contacted my agent to let him know I’d like to do that, and he said “ok, we’ll get you ‘rerated.'” I wasn’t familiar with that term so I asked him what it meant and he said it means getting a quote from the current company as if I were a new customer. I told him that was fine, but asked whether it wouldn’t make sense to look at other companies while we were at it.
He became a little bit evasive at that, saying that he preferred to keep people with my current company. When asked why he mumbled something generic about “better product” or something.
I interpret this to mean that he is getting a good commission from my current company, or has some kind of production target or something. I can’t imagine my current company’s insurance is so far superior to other companies that it wouldn’t be worth shopping around.
So my questions are thus:
1) Am I off base for thinking its strange that the agent is reluctant to shop around?
2) Is there a relatively easy way to calculate what is a reasonable amount to be paying? Every place I try to get quotes online tries to get me to give my name, birthday, SS #, phone # and email address. I’d love to have a ballpark idea of whether I’m overpaying, but without having to subject myself to endless spamming.
Any input would be great!