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queenOFhearts
LIF Adolescent
Member since 9/09 694 total posts
Name:
Jacquie
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Home Owers Insurance Deductiable?
Do any of you girls know what the AVERAGE range for deductibles are on a house.
I'm asking cause, DH & I put in an offer on a house that the roof got damaged during the storm that we had a few wks ago. We had the home inspected and everything was good EXCEPT for the roof due to the storm. So it was suggested to the selling agent, that the home owner go thru his insurance.
Well, the deductible is said to be around $2500K. My realtor suggested (the dope that she is) that we split the deductible with the home owner "SINCE" we're getting a really great deal on the home to begin with...
DH doesn't beleive the deductible is what they are saying it is and is asking for proof if we're going to split it.
My question is does $2500k deductible sound right??? TIA
Message edited 4/1/2010 12:53:35 PM.
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Posted 4/1/10 12:52 PM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Home Owers Insurance Deductiable?
I'm not sure about the deductible, but, I wouldn't split this with the homeowner. If they want to sell, then they can pay for their roof to be fixed.
That, or give you the entire $2500 off of the cost of the house so you can have it fixed.
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| Posted 4/1/10 12:54 PM |
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queenOFhearts
LIF Adolescent
Member since 9/09 694 total posts
Name:
Jacquie
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Re: Home Owers Insurance Deductiable?
Posted by neener1211
I'm not sure about the deductible, but, I wouldn't split this with the homeowner. If they want to sell, then they can pay for their roof to be fixed.
That, or give you the entire $2500 off of the cost of the house so you can have it fixed.
I know and DH & I both agree. The thing is our place is sold already and we have a baby coming and need to get the ball rolling on a new house. This particular house was orginally on the market for $419k and got lowed to $324K when we looked at it. The home ower took our offer for $300k but wasn't happy with it... (to bad so sad LOL) The garage doors also need to be put back in to pass the home appraisal to get a morgage, which we were willing to help on but not any more... Every room in the house needs WORK and so does the YARD. So we are getting a good deal but it's not a GREAT DEAL.
Message edited 4/1/2010 1:00:59 PM.
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| Posted 4/1/10 12:58 PM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: Home Owers Insurance Deductiable?
I would not split the deductible or pay anything for it. If the house is in their name it's their problem.
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| Posted 4/1/10 12:59 PM |
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sj-girl
Happy Family of 4
Member since 5/08 5654 total posts
Name:
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Re: Home Owers Insurance Deductiable?
I work for a ins company in NJ. We sell most of our customers $1000 deductible. But to have a $2500.00 is not out of the ordinary
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| Posted 4/1/10 1:07 PM |
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queenOFhearts
LIF Adolescent
Member since 9/09 694 total posts
Name:
Jacquie
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Re: Home Owers Insurance Deductiable?
Posted by SJ-GIRL
I work for a ins company in NJ. We sell most of our customers $1000 deductible. But to have a $2500.00 is not out of the ordinary
Alright, that makes me feel better 
Thank you
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| Posted 4/1/10 1:08 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Home Owers Insurance Deductiable?
Yes $2500 is the norm, but personally I would not split anything like that with them. Also, who is to say they don't hire a friend to do the work and that person writes up an estimate higher to cover the ded and basically nothing comes out of their pocket? Again, this is not "legal" but you can't tell me it doesn't happen.
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| Posted 4/1/10 1:10 PM |
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queenOFhearts
LIF Adolescent
Member since 9/09 694 total posts
Name:
Jacquie
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Re: Home Owers Insurance Deductiable?
Posted by Mrs-D-Girl
Yes $2500 is the norm, but personally I would not split anything like that with them. Also, who is to say they don't hire a friend to do the work and that person writes up an estimate higher to cover the ded and basically nothing comes out of their pocket? Again, this is not "legal" but you can't tell me it doesn't happen.
We actually had an estimate done on the roof which they said it would run b/w $5-6K for a new one. We said if we are splitting the cost of the deductible we want proof the the deductible is in fact $2500k and we also want a warranty on the roof. Which any reliable roofing company should be able to provide.
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| Posted 4/1/10 1:16 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Home Owers Insurance Deductiable?
The norm is $1000 but people are going up to $2500 to bring the premium down. If you have a higher value home some people are actually taking a $5000 ded
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| Posted 4/1/10 1:16 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Home Owers Insurance Deductiable?
Posted by queenOFhearts
Posted by neener1211
I'm not sure about the deductible, but, I wouldn't split this with the homeowner. If they want to sell, then they can pay for their roof to be fixed.
That, or give you the entire $2500 off of the cost of the house so you can have it fixed.
I know and DH & I both agree. The thing is our place is sold already and we have a baby coming and need to get the ball rolling on a new house. This particular house was orginally on the market for $419k and got lowed to $324K when we looked at it. The home ower took our offer for $300k but wasn't happy with it... (to bad so sad LOL) The garage doors also need to be put back in to pass the home appraisal to get a morgage, which we were willing to help on but not any more... Every room in the house needs WORK and so does the YARD. So we are getting a good deal but it's not a GREAT DEAL.
I understand, but if you are in contract with them already, they have to take care of this, or the house won't sell. Know what I mean? So anyone they sell to, the sellers are going to have to fix this problem anyway.
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| Posted 4/1/10 1:35 PM |
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queenOFhearts
LIF Adolescent
Member since 9/09 694 total posts
Name:
Jacquie
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Re: Home Owers Insurance Deductiable?
Posted by neener1211
Posted by queenOFhearts
Posted by neener1211
I'm not sure about the deductible, but, I wouldn't split this with the homeowner. If they want to sell, then they can pay for their roof to be fixed.
That, or give you the entire $2500 off of the cost of the house so you can have it fixed.
I know and DH & I both agree. The thing is our place is sold already and we have a baby coming and need to get the ball rolling on a new house. This particular house was orginally on the market for $419k and got lowed to $324K when we looked at it. The home ower took our offer for $300k but wasn't happy with it... (to bad so sad LOL) The garage doors also need to be put back in to pass the home appraisal to get a morgage, which we were willing to help on but not any more... Every room in the house needs WORK and so does the YARD. So we are getting a good deal but it's not a GREAT DEAL.
I understand, but if you are in contract with them already, they have to take care of this, or the house won't sell. Know what I mean? So anyone they sell to, the sellers are going to have to fix this problem anyway.
I totaly know where your coming from. DH & I are actually fed up with our realtor b/c we feel she isn't fighting for us at all.
If this deal falls through we're SO DONE with her... I think she more concerned with the amount of money SHE'LL be getting in the end when all is said and done then taking care of us.
Message edited 4/1/2010 2:11:44 PM.
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| Posted 4/1/10 2:04 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Home Owers Insurance Deductiable?
Posted by queenOFhearts
I totaly know where your coming from. DH & I are actually fed up with our realtor b/c we feel she isn't fighting for us at all.
If this deal falls through we're SO DONE with her... I think she more concerned with the amount of money SHE'LL be getting in the end when all is said and done then taking care of us.
 
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| Posted 4/1/10 2:28 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Home Owers Insurance Deductiable?
Posted by jen919ifer
The norm is $1000 but people are going up to $2500 to bring the premium down. If you have a higher value home some people are actually taking a $5000 ded
The other reason for a high deductible is that insurance on a home is really for major issues, not for moderate repairs and if you make frequent and small claims you may find they drop you when it's time to renew. The higher deductible keeps the cost down and lets you put the difference towards building up savings to cover potential damages.
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| Posted 4/1/10 6:32 PM |
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