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Old 02-02-2016, 09:44 AM
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Originally Posted by bpollen View Post
The ins. cos. also look at how far from fire stations you are. Out in the country, that would be pretty far, and even then, you might depend on a volunteer fire dept. The risk is that it's more likely the house will burn down, if there's a fire.
This is why mine is $1300 per year.
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Old 02-02-2016, 06:04 PM
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Originally Posted by Icemodeled View Post
Im in the midwest also and our homeowners insurance on a older home (1961) is only $700 a year for full coverage. We have rental properties that we bought for only $10-13k each and insurance ranges from 325-600 year each. Most all were built 1920s. I would continue to shop around for quotes. Have you tried going to a actual insurance agent? We found it cheaper doing that then through state farm. They will pull quotes from many insurance companies (ones I never heard of) to find the cheapest quote.

we are planning to move to FL end of year and are looking at paying 1200-2000 a year. Obviously, higher due to risk of hurricanes (the quotes cover hurricane/wind, not flood) I have flood insurance now where we are at (somewhat close to a small stream! ) and pay $1000 a year for JUST flood! Once our mortgage is paid off in a few months, we are dropping flood ins.

Does Florida's HO insurance come with Hurricane baked into the cost? If they aren't going to cover you for it, I can't see how they can charge you more for the risk. I grew up in the NE cost and hurricane insurance was optional. It was a VERY expensive add-on that many people were happy they had in 1984 after Hurricane Gloria came through.
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Old 02-02-2016, 06:07 PM
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I'm in a 1926 bungalow in the Chicago area and I around $85/mo. $130 seems really high. How far into the country are you looking? Are we talking about a house that requires its own SAT phone?
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Old 02-03-2016, 11:25 AM
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We have a mid-century ranch style house in Newport Beach, Ca and pay about $1,000 per year to State Farm for insurance. The property is valued around $1.2M, but the cost to replace the structure is probably no more than $300K…a designer pre-fab would cost under $400K and be installed in less than 30 days. The insurance agent originally tried to give me coverage for $625K which was the purchase price, but I talked him down to $300K since I knew what it would cost to actually replace the home. At first he thought I was under-insuring, but when I explained to him that the majority of the property value is in the land and not the structure, he backed off.

Logically if the land is no good, there's no sense in investing in a structure…and the land isn't being insured in the coverage at all. This cut our insurance premium in half.
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Old 02-04-2016, 02:20 AM
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I own some old properties in pueblo and they really charge up the butt for insurance. One of the houses costs twice as much for insurance as we pay for our newer [comparatively] house in Bennett that is worth 4 times more. Taxes though are super low, under $300 a year, abd after I turn 65, that will be halved.
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Old 02-04-2016, 02:27 AM
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Originally Posted by KS101 View Post
Went looking at country properties in my state (midwest) which are easily running under $15k for livable to $25k for finance worthy, move-in-ready and even showy.

Problem, try State Farm, Farmers, Allstate and HOW MUCH? They want like $130 a month+ for houses running $20k...I mean plain post-craftsman kit houses from 1920 to 1930 with 2 bed/1bath/detached garage, nice woodwork trim, wood floors and updated mechanicals/roof. Best insurance deals going are post 1940s era houses, but miss out on the charm.

Managed to find GREAT SOLUTION with their own claims personnel too! Shelter Insurance is writing 'market value' insurance policies now to bring costs down to $50-70 a month range. So you can write a policy for $40k home value so you can easily buy another house at local market rates, there is $20k plus for contents at replacement cost and cash to pay for other housing until issue is settled. Liability coverage is included in this policy but will do you no good if you do on-site job like hair dresser, dogs or child care. Need to disclose any of these to avoid getting in trouble for being uninsured if something goes wrong with your business on your property.

Does give additional discounts to carry car insurance with same company.

Did note Shelter does include more demands to work on roof or cut trees overhanging the house. So, have to check out your situation with local Shelter Insurance agent and decide for yourself.
We have State Farm and do not pay that much monthly for our homeowners and 5 vehicles that are covered and we live in a small town of 604 population in the midwest. The homeowners covers mine subsidence, earthquake and flood as well.
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Old 02-04-2016, 11:54 AM
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We live in the Midwest and our homeowners insurance costs us $120 a month. and it will probably be going up next month when re enrollment time comes. We have had no claims, we live 7 miles from the nearest fire station.
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Old 02-04-2016, 12:12 PM
Location: southwestern PA
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We have full replacement coverage, with riders for various things.
We live 5 miles from the volunteer fire department.

We pay $723 a year for our 50 year old (but highly updated!) house.
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Old 02-04-2016, 02:29 PM
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Originally Posted by BostonMike7 View Post
That's typical for Massachusetts.
Yep. When I bought 6 years ago, if I hadn't had a very long relationship with my insurance company with another home and a couple of cars insured with them, I would have landed in the high risk pool. I'm quite close to salt water. I'm at 50 foot elevation so no flood risk but I'm certainly paying dearly for the hurricane storm damage risk. My house has brand new wiring, plumbing, heat, A/C, doors, & windows so I'm paying as if it were recent construction and it's still big dollars for a very small house. After I get the dividend back, it's not $130/month but the check I write every December 1 to pay the policy in full is roughly that much. I also have a big deductible for hurricane damage. If a tree falls on the house, it's unlikely the repair would exceed the deductible.

I used to own a very large house in Winchester. In the late-90's, it was worth triple what my current house is worth. Insurance was about $500. Every hurricane with big payments like Sandy, we all see a big increase.
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Old 02-15-2016, 01:30 PM
6,164 posts, read 3,249,243 times
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Originally Posted by MikeBear View Post
Where do you live that any insurance company would charge $130 a MONTH for homeowners insurance? That's just insane.

I pay like $600 a YEAR for replacement coverage on a $150k house in mid-Michigan, through Liberty Mutual.
$1,560 a year isn't that much here in Dallas, TX, depending on the deductible and value of the house, among other things.

I pay over $1,000/yr for $300k 1953 brick house, with discounts for multiple coverage (car), auto-pay, 50-yr anti-impact roof. My brother pays $1,200/yr for brick 1960s house in SW Louisiana.

I think it depends on the particular risks and claims data from the local area that determines the premiums. We have a lot of roof damage here from hail, and sometimes a tornado hits. Louisiana has floods and hurricanes. Old houses tend to have fires more than new houses. It even takes into consideration how far you are from the firehouse and such.
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