Inexpensive Peace of Mind
Written: Feb 07 '05
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Pros: Low prices; Friendly Service
Cons: Not as many offices as larger carriers
The Bottom Line: Erie Homeowner's policies are competitively priced and they can save you money on premiums.
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| Bryan_Carey's Full Review: Erie - Home |
Headquartered in Erie, Pennsylvania, Erie Insurance Group is a full- service insurance company wide a wide range of services to protect individuals and businesses from catastrophic losses. This company was founded in 1925 as an auto insurance provider. Today, it has expanded its product line to include a broader range of financial services. And one of these is Erie Homeowner’s insurance, designed to give property owner’s peace of mind.
Types of Policies:
Erie’s Homeowner’s policies are broken into four areas:
HomeProtector- The most popular product sold, this protects personal property and belongings. The four options offered here are: Broadcover (covers building and identified perils), Extracover (covers, building, identified perils, and all building risks), and Ultracover (covers all risks on both personal property and building).
TenantCover- This is Erie’s renters insurance plan and it covers loss of personal property, personal liability, medical coverage to anyone who is damaged while at your residence, and living expense reimbursement if relocation becomes necessary.
CondoCover- This product is intended for condo owners and it protects the structure, personal liability, medical coverage, etc.
Mobile HomeProtector- This is similar to the other products except it is intended for those who own mobile homes. It also protects against personal liability, structural damage, medical coverage, etc.
Pricing:
Erie’s Insurance coverage policies vary in price based on the level of coverage selected. If you want to minimize your costs as a homeowner, the least expensive option is the Broadcover homeowner’s policy. Depending on what you do with your property, this level of coverage will probably be adequate. And the price of this product is low. In fact, the prices of most all Erie products are lower than the industry average, making this company one of the better choices for homeowner’s insurance.
Customer Service:
If you have questions about your homeowner’s policy, you should always try to contact your local agent first but if this is not possible or if you have forgotten the number or if you need to talk to someone after regular business hours, Erie’s general customer service is available to assist you at 800-458-0811. If you need to file a claim and cannot reach your local agent, you can call the claims hotline, 800-367-3743.
Final Thoughts:
Erie Homeowner’s insurance provides a cost effective way to protect your personal residence and other property from damage. I have used Erie Homeowner’s insurance for a couple of years now and while I have not had to file a claim (knock on wood), I have still interacted with Erie on other levels and my experiences have been mostly positive.
First, let’s talk about pricing because among the many factors involved in selecting homeowner’s insurance, cost ranks pretty high on most people’s lists. And this is one area where Erie scores high marks. The insurance the company offers to protect your home from the elements is priced competitively and this is one of the main reasons why I selected Erie and dumped my former insurance provider, Nationwide. I didn’t have any bad things to say about Nationwide, but it couldn’t match the prices offered at Erie. For almost exactly the same protection, my premiums per month were about fifteen percent lower using Erie.
Another thing offered by Erie (and many other companies) is a discount if you have more than one policy. This can help save consumers even more money and it provides incentive to switch your other insurance coverage over to Erie. This is exactly what I did with my auto insurance coverage. Again, I had been using Nationwide for many years and I didn’t really have any problem with them. But again, they were unable to match the prices for the same coverage. So, once again, I switched to Erie and my homeowner’s premiums were reduced a little more as a result.
Besides pricing, other important factors to consumers include the claims filing process and customer service. Like most people, I have never filed a claim on my homeowner’s insurance so I cannot comment on the Erie’s effectiveness in this area. But I can comment on the customer service and so far, it has been good- not incredible or fantastic, but good. I haven’t had any problems getting my mortgage holder to transfer the money (I send in one large payment that combines my mortgage payment, property tax, and insurance to my mortgage company) each month to Erie, and Erie has never had any problems collecting the money and applying the premiums. My personal dealings with Erie have also been courteous and professional.
I can only think of one small complaint I have had with Erie. One day, they contacted me and advised me they would discontinue my policy if I didn’t upgrade my electrical service. According to one of the tenets of my policy, I was forced to upgrade my level of amp service to my house to continue coverage. Erie told me they would cancel my policy if I didn’t comply. Even though I was a little peeved at the inconvenience, I gave in and made the necessary changes. Given Erie’s lower rates and my level of satisfaction, I decided this was a good idea and I upgraded my electrical service. It didn’t cost that much and it was worth it to keep the low premiums that Erie offers. Besides, the added amps made my property more valuable.
Overall, my experience with Erie has been positive and I can’t see changing to another carrier unless I can find another company that will offer the same coverage for an even lower price. Considering what I have and what I pay for it, I cannot imagine another company with the ability to offer a better deal. I could lower my coverage and save some money, but I would rather have the peace of mind. Even though the odds of having to file a homeowner’s claim are low, saving a few more dollars by switching to a lower- coverage option wouldn’t be worth the worry.
For now, I will stick with my homeowner’s coverage with Erie Insurance. My ExtraCover policy is inexpensive for what I get, and it’s doubtful any other company will be able to match the low premiums charged by this insurance provider.
Recommended:
Yes
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