How much is homeowner's insurance in KY? (homeowners insurance, second mortgage)

[mom2ten]

I'm considering a move to Ky in the next year or so and one of the deciding factors is this price.....any ideas?

[kimmieyky]

Homeowners insurance in the state of Kentucky is based solely on what the property is valued at - which may or may not be what the selling/buying price is.
The farm we owned - had an original mortgage of 46,000. We purcheased it from my mil for 76,000. The property valuation office came down a few years later, and still listed the property as worth 46,000. We had the house, a machinery barn, a chicken house and a horse barn, along with a two acre pond sitting on ten acres.
We then decided in early 200o to tkae out a second mortgage for some home improvements 0 the appraised value at that poiunt was 125,000. - but the propert value was still at 46,000.

Bottom line - I have no idea what formula they go by - but the ins. depends on the value of your home. Period. The only extra insurance you would need to buy - other than the usual fire, weather, etc. - is Flood insurance if you are in a flood zone. BUT - thanks to the new home disclosure laws - you will know if your home is in such an area BEFORE you buy - unlike my firat husband and I who bought a cute little house i=on the other side of the racks in 1985 - and in 1989 were flooded almost to the roof line - while I was 8 months pregnant with baby #2. No one told us back then - and there was no law forcing them to sixclose.

Insurance in general is fairly inexpensive - compared to places like Florida - where I know my fathers Homeowners has tripled over 2 years.

It won't be bad - promise.

[suncoastman]

Originally Posted by kimmieyky

Insurance in general is fairly inexpensive - compared to places like Florida - where I know my fathers Homeowners has tripled over 2 years.

It won't be bad - promise.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You are right Kimmiey about the Homeowners Insurance going up in Florida. Our went from $472. two years ago, to over $1600. today. The house/property we just purchased has an insurance price of about $300.

I find that really amazing !!

God Bless

Joe

[tybrown]

Depends on the house size and age, I usually use tell clients $35-40 per month as a guess. Moderator cut: advertising