How Much Does Homeowners Insurance Cost?
By admin on Dec 25, 2009 in homeowners
Whats a good estimate for how much my homeowners insurance would be if I’m a first time buyer, my home is around 300,000. and I have good credit, plus the home is in a brand new developement. I just want an estimate. Thanks.
You are open for a pretty good range of values, depending on where you live and what coverages you are looking for.
Typical annual premium will be $500 for lower coverages in a not-so-risky area (risky is coastal, Southern Florida, fire or earthquake zones, etc).
If you already have auto insurance, call your agent to have him/her discuss your options; there are a lot of them. Make sure to use an independent agent that can write you a policy with one of several different companies. That will give you the flexibility of premium and coverage options.
A good agent will spend 30-60 minutes with you to make sure that they understand all of your insurance needs (car, home, home-business, kids, pets, etc). If they just spend 2 minutes to get the basics from you, keep looking for a better agent.
JJ | Dec 25, 2009 | Reply
Most homeowners pay about 1000 to 1200 dollers a year for homeowners insurance. Also it is a lot cheaper if you have all your insurance under one company because you will get a discount. For example, if you have your car ins., heath ins. content ins and everything in one insurance company you get a group discount for all of it. Take care Heather
hdoyle19 | Dec 25, 2009 | Reply
there are a lot of variables, but you can get gagood idea of the amount of coverage you need by taking the square footage of the home by $100. what it costs really depends on where you live.
Queen B | Dec 25, 2009 | Reply
Call a few home insurance agencies. They will give you quotes.
Lisa S | Dec 25, 2009 | Reply
Will depend heavily on location, credit and square footage. Here are a few things to get with the policy –
identity theft coverage
replacement cost on contents
full replacement cost on the dwelling
Being that the house is new construction,
you should be able to get a good rate.
Here is a homeowners insurance directory to
find a local agent: http://www.insuremyhouse.com
529s.com | Dec 26, 2009 | Reply
impossible to answer without knowing the location, the coverage you select, any riders for collectibles etc.
David B | Dec 26, 2009 | Reply
The premium calculation depends greatly on your geographical location not just the age and size of the structure though that is also of consideration. For example, a residential dwelling in a coastal area with a much greater risk of sustaining damages from gale force winds and tidal surge is going to command a higher premium than a structure located far inland. Insurance is basically a gamble, the insurance company is calculating the premium based on how likely you would be to have a loss, the higher the liklihood, the higher the premium.
What must also be considered is what type of construction it is – , masonry or frame, what kind of roof is on it – asphalt shingle, metal, concrete tiles etc… Also of consideration is how much personal property you will be insuring (your “stuff”) do you want it insured at 50% of the structure value or 70%, do you have any unattached outbuildings as they are usually insured at 10% of the structure value but that can be raised as well. Do you have any high end items of jewelry (your engagement ring), artwork, furs, etc… that should be insured separately on an all risk floater endorsement as your personal property is covered for specifically named risks and may have limits in case of theft.
For a quick idea go to http://www.NetQuote.com or another online insurance premium site, they will give you an average quote amount from many different companies but for a more realistic idea it would be a good idea to talk to an agent. You may wish to ask around the neighborhood and see what seems to be an average premium. Also remember that many companies give discounts for bundled policies so if you carry auto insurance as well as homeowners with them you may be eligible to receive a multi-line premium reduction.
I have worked handling insurance policies all over the country in the residential homeowners and auto industry for over fourteen years so I hope I was able to help.
Good luck.
RedHeadC | Dec 26, 2009 | Reply
mine cost $450.00 a year, my house value is $113,000.00
I live in a small town in MN
tina0219 | Dec 26, 2009 | Reply
That’s like saying, How much does an adult weigh? You’ll get numbers, they will be ALL over the place.
In Iowa, you can probably get a policy for $600. In Florida, it would probablly cost you about $6,000. Plus, what EXACTLY is your credit score? It matters. How OLD is the hosue? What’s the claims history? Where is it located? How far from the fire department, or the fire hydrant? How old is the plumbing? Heating? Roof? Electric? Do you have any dogs? Horses? a Pool?
Any scheduled items, jewelry, collections? Any alarm system? And what is the cost to REBUILD the house if it burned to the ground? Market value means NOTHING to the insurance companies.
I know that didn’t help. You’re going to have to call a local agent and get a real quote.
mbrcatz | Dec 26, 2009 | Reply