I just bought my home insurance policy from Erie Insurance Group today, and I couldn't be happier. I bought the guaranteed full coverage, so no matter how much my house might cost to rebuild in the future, this insurance policy will cover it all. My other option was to purchase a flat 80% or $116, 000 cash reimbursement for a total loss, which in my area will barely pay for the garage let alone the house.
For $308 a year, I received guaranteed full replacement property protection on property appraised at $174, 000 for the house and garage and $109, 000 for my personal property. I have $500, 000 personal liability protection and a $500 deductible. I'm covered for earthquakes up to 95% of the replacement cost, which is important because Erie is on a major faultline, and we had a level 3 earthquake here about 10 years ago. Nothing big compared to L.A., but it was enough to shake products off of store shelves at the time and a few cracked foundations happened as a result. It scared the wits out of my daughter when it happened, and that little earthquake is something I'll never forget. I also got personal ID theft coverage, so if my identity ever gets stolen, Erie Insurance will cover up to $25, 000 of the legal costs of getting my credit cleaned up. I've already gotten a couple of notices where databases have been stolen and my name was in the crowd of IDs and bank numbers, so for the extra $20 per year, I thought I'd better be on the safe side.
I opted out of the sewer and drain coverage that would have cost another $44 per year. Simply, I have a septic system, and if the toilet backs up and overflows, then it's time for me to drain my septic tank. And flood insurance would have to be purchased separately from the government; my agent said it would cost about as much as my homeowner's insurance costs. However, my new house is near the top of a hill in an area that isn't particularly prone to flooding even in the worst spring storms, and unlike a river, the Great Lakes just don't overflow their banks.
I received extra discounts for having an auto insurance policy with Erie Insurance and for applying for my homeowner's policy early, a full 3 weeks before the closing date to give my agent plenty of time to appraise the house. And for $308 a year, I think I got a genuine bargain.