Homeowners insurance

[kork13]

Wow, I'm super jealous... My home insurance is almost $1200 for a $180k house, and mine is low for the area. Thank you Oklahoma, for being in the middle of tornado alley....

For those of you not from the Plains region, the assumption around here is that all houses will require a new roof ($10k+ adventure) at least every 5-10 years, if not even more often, due to hail/wind/tornado damage... And that's not to mention the obvious threat of the house being totally destroyed by the semi-annual tornado seasons....

Anyone from Florida who can commiserate with me? I grew up in hurricane country too... I presume the insurance there is outrageous as well.

[Joan.of.the.Arch]

$753 + $267 = $1020

Our house is insured to replacement value for $753/yr. We have high deductibles (sorry don't have the figures on hand) and our roof is excluded. It is a small, old house --106 years, brick, stone and plaster. In addition, we have earthquake insurance $267/yr which is also high compared to what wood frame houses of any age pay in the area.

What about those of you who have earthquake or flood insurance-- is that included in your numbers?

[A-Aron1]

Believe it or not the biggest factor in determining the policy premium is actually the insureds credit. Followed by location and then the age of the roof. One of my customers with poor credit was paying $1900/year for home insurance. I wrote the policy for the person who purchased their home and the premium was over $900 less. We are in a "high risk" area of the country where we are suceptible to hurricanes so the $1900 wasn't much out of line with what folks are paying!

[A-Aron1]

Ours were both with the same company, until they dropped us as homeowner customers. We had 2 fairly small claims in a 5-year period which is the limit for cancelling your coverage as we learned. Had we known that, we probably wouldn't have filed one of those 2 claims.

That's the wonderful thing about insurance. It's great until you actually have to use it.

Disneysteve,

Were they water claims (inside the home) or theft claims? Those types of claims will usually ding you fairly harshly even if small.

[LivingAlmostLarge]

It seems to cheap, which is what I thought but online calculators are telling me $3-4k/year which is what we used to pay for master condo insurance for our multifamily dwelling replacement value.

Can I call my auto insurance company and ask to price out a premium without owning or in the process of buying a home? Would it be weird?

Right now we still have auto, renters., umbrella with Ameriprise, and I LOVE, LOVE, LOVE them. Great service and cost. Considering our driving records.

[disneysteve]

Disneysteve,

Were they water claims (inside the home) or theft claims? Those types of claims will usually ding you fairly harshly even if small.

Nope. Not theft or water. And it made no difference what the claims were for. The limit was 2 claims in 5 years regardless of the nature or cost of the claims.

[Singuy]

Wow, I'm super jealous... My home insurance is almost $1200 for a $180k house, and mine is low for the area. Thank you Oklahoma, for being in the middle of tornado alley....

For those of you not from the Plains region, the assumption around here is that all houses will require a new roof ($10k+ adventure) at least every 5-10 years, if not even more often, due to hail/wind/tornado damage... And that's not to mention the obvious threat of the house being totally destroyed by the semi-annual tornado seasons....

Anyone from Florida who can commiserate with me? I grew up in hurricane country too... I presume the insurance there is outrageous as well.

I live in Central FL and my insurance is pretty cheap compared to yours.

[Nutria]

I live in Central FL and my insurance is pretty cheap compared to yours.

Is rain damage excluded? It is in ours (also in the Hurricane belt).

[TexasHusker]

Having never owned a freestanding SFH how much is Homeowners insurance annually? Looking at estimates online at mortgage calculator and it seems high. But can people just throw out numbers.

Mine is about $.70 per square foot per year, $5000 deductible

[creditcardfree]

It seems to cheap, which is what I thought but online calculators are telling me $3-4k/year which is what we used to pay for master condo insurance for our multifamily dwelling replacement value.

Can I call my auto insurance company and ask to price out a premium without owning or in the process of buying a home? Would it be weird?

Right now we still have auto, renters., umbrella with Ameriprise, and I LOVE, LOVE, LOVE them. Great service and cost. Considering our driving records.

Yes, I think you could have them quote insurance for any address. I think it would be prudent to ask. Worse case, they say they can't quote you. Go for it!

[LivingAlmostLarge]

Thanks I'm doing that after we get back