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Old 06-25-2018, 02:28 PM
 
7 posts, read 5,698 times
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Being new to the area I am not sure if this is a good quote or not, perhaps some of you can enlighten me. I am purchasing a $400,000 home and received a quote of $3300/year ($275/mo) for homeowner insurance. The home I am purchasing did not flood in Harvey and is not in a flood plain area.


What are your thoughts? thank you
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Old 06-25-2018, 02:39 PM
 
Location: Pittsburgh N. Hills / Houston-Clear Lake
8,156 posts, read 26,425,344 times
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That's in range.
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Old 06-25-2018, 03:44 PM
 
1,234 posts, read 3,664,715 times
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Quote:
Originally Posted by asknow123 View Post
Being new to the area I am not sure if this is a good quote or not, perhaps some of you can enlighten me. I am purchasing a $400,000 home and received a quote of $3300/year ($275/mo) for homeowner insurance. The home I am purchasing did not flood in Harvey and is not in a flood plain area.


What are your thoughts? thank you
What's the dwelling value they are insuring? What's the deductible (1%?)?
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Old 06-25-2018, 04:01 PM
 
7 posts, read 5,698 times
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Quote:
Originally Posted by travelguy_73 View Post
What's the dwelling value they are insuring? What's the deductible (1%?)?
400,000 dwelling
deductible is 1%
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Old 06-25-2018, 04:12 PM
 
1,234 posts, read 3,664,715 times
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Quote:
Originally Posted by asknow123 View Post
400,000 dwelling
deductible is 1%
Yes that seems in range.
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Old 06-25-2018, 06:34 PM
 
1,512 posts, read 565,559 times
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It’s a little high, unless you’re paying to have a 1/1 deductible, instead of a 2% wind and hail.

Also. Flooding has NOTHING to do with your rate. It’s not covered.

Buy flood insurance.
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Old 06-25-2018, 07:38 PM
 
Location: New Braunfels, TX
5,937 posts, read 8,500,331 times
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Get a couple of other quotes......from reputable companies.

We've had good luck from Germania - we're covered for a bit under $300k, w/a million dollar umbrella and some other add-ons for about $1,500/year, w/a 1/2% deductible.

NOTE - we ARE in a different area, so that's going to have a bearing on it, as well I'm thinking.
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Old 06-26-2018, 12:20 PM
 
5 posts, read 1,201 times
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$400,000 in dwelling coverage may be excessive. You only need to insure the value of the structure, not the value of the land. With that said, you probably want to be a little over to be safe, but take a look at your appraisal if you have one. Any insurance in excess of the value of the structure is wasted money. In the event of full casualty, they won't just hand you a check for $400k. They'll pay you what it costs to replace it. I have a new construction house that I paid $475k for and have $350k in coverage (land value of about $150k or so) with a 1/1 deductible and I pay $1,400 a year.
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