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Lilacs
LIF Zygote
Member since 9/10 42 total posts
Name:
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Homeowners Insurance Quote
I'm in the process of closing on a house and I got a quote of $3000 per year on homeowner's insurance for $460K in coverage. This seems high to me but its the first quote we've received so far. What does everyone think about this quote? Can anyone recommend an insurance company that might give a better rate?
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Posted 4/26/11 2:14 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: Homeowners Insurance Quote
That seems very high
Where is the property located?
I pay $1100 for around the same coverage
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| Posted 4/26/11 2:16 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: Homeowners Insurance Quote
I hve 300,000 coverage and pay I think 1400 a year.
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| Posted 4/26/11 2:16 PM |
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Lilacs
LIF Zygote
Member since 9/10 42 total posts
Name:
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Re: Homeowners Insurance Quote
The property is in Merrick and the deductible would be $1000.
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| Posted 4/26/11 2:20 PM |
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TNT1005
LIF Adult
Member since 3/10 1110 total posts
Name:
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Re: Homeowners Insurance Quote
Posted by Lilacs
The property is in Merrick and the deductible would be $1000.
if the home is less then a mile to the water that could cause your premium to be higher.
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| Posted 4/26/11 3:19 PM |
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TNT1005
LIF Adult
Member since 3/10 1110 total posts
Name:
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Re: Homeowners Insurance Quote
Try calling the agent/compnay that insures your auto's and see if you can get a package policy. You will receive a discount for having both policies together.
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| Posted 4/26/11 3:20 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Homeowners Insurance Quote
that seems high. We pay $1000 for $400,000 worth of coverage.
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| Posted 4/26/11 4:30 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Homeowners Insurance Quote
Look to see what is involved on all aspects of the policy, not just the coverage on the house. What is covered in personal liability, replacement costs, personal items in the home, etc. Ours is broken out to cover the structure, personal property in the home, liability if someone is hurt on our property, etc. If you have a pool, trampline or dogs that will add to it, if you have central monitoring alarms for fire and theft that will help reduce it. Do you have coverage for living expenses if you're displaced from your home if there is damage and it needs extensive repair? Those are just some of the things that will impact the price.
On a side note, you may want to increase your deductible - insurance companies don't like to see a lot of small claims, especially if it's due to "negiligence" - you're better off covering smaller claims yourself. A friend of mine had an older cesspool collapse. The insurance company payed the $6000 fee to have it covered and ultimately replaced, but they cancelled her insurance. I think it was because they felt it was negligence that they had not maintained the property by replacing an older cesspool that was past it's reasonable useful lifetime. You're better off saving money on the policy by having a bigger deductible, and just covering smaller expenses yourself.
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| Posted 4/26/11 7:27 PM |
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cutie
LIF Adult
Member since 2/06 1893 total posts
Name:
Janine
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Re: Homeowners Insurance Quote
Just wanted to add that the policy should be based on replacement cost of the house, not purchase price (and you can have the policy auto adjust every year for inflation). The cost of the land is included in the purchase price and obviously would not need to be replaced/rebuilt if something should happen.
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| Posted 4/26/11 9:07 PM |
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