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Hi everyone I am hunting for home owners insurance and was wondering what is a good yearly price for the insurance in Bayshore. The house is near Bay Shore Middle School
Hi everyone I am hunting for home owners insurance and was wondering what is a good yearly price for the insurance in Bayshore. The house is near Bay Shore Middle School
Thanks
Most likely somewhere between $1,200 and $2,500/yr.
Many factors affect the cost of home owners insurance (as in all insurance products).
Owner of a 1300 sf home here (not near any water.) Nothing fancy: a partial one-car garage, unfinished basement, no pool or deck or hot tub. Central air, oil heat. No pets. Close to fire hydrant. Nothing that would bump up the premium.
Dwelling coverage $449K, personal property $315K. Windstorm deductible only 2% (which is lower than the more common 5%). Normal deductible $5000 (by choice.) Personal Liability coverage $300K. Loss of Use coverage: Actual Loss Sustained.
That last item (Loss of Use) is important. You don't want a cap on Loss of Use if you find yourself in a situation similar to Sandy victims who needed to find alternative housing for a year or more.
10% credit applied for having a monitored alarm system and a $450 credit for choosing the higher deductible. Renewed last July with Merrimack for $1244.
Here's the important replacement cost info though. The policy
"will provide coverage to repair or rebuild your home as it was before the loss, utilizing materials of like kind and quality even if the cost exceeds your building coverage limit. If needed, we will pay in excess of the Coverage A limit, up to the amount necessarily spent.
Many other companies limit or cap their "guaranteed" or "extended" replacement cost coverage to 125% of the Coverage A amount."
So in effect this is an unlimited replacement cost coverage.
The policy also does NOT deduct for depreciation of personal property items that need to be replaced.
OP, if the house has oil heat and the tank is buried (underground) rather than being in the basement or garage or on the ground outside the house, that will cause a problem getting insurance. Most insurance companies don't want to insure houses with a buried oil tank anymore.
OP, if the house has oil heat and the tank is buried (underground) rather than being in the basement or garage or on the ground outside the house, that will cause a problem getting insurance. Most insurance companies don't want to insure houses with a buried oil tank anymore.
I am surprised to hear that, because Narragansett can be picky about some things. Here's a thread from 2011 in which one of our regular posters here (OhBeeHave) had their coverage and reported that:
The application was very extensive and during the application process even went so far as to have me document my dogs by taking pictures AND supplying vet records. If you have a pitbull or another breed with a bad reputation -- they aren't going to insure you.
However... Narragansett was acquired by another insurance company, Heritage Insurance Company, in late 2017. Heritage is a Florida insurer and they wanted to expand their business up the East Coast and to bolster Heritage's fading financial strength and customer experience ratings. Don't know how or if Narragansett's criteria has changed since then, although there are some pretty sobering post-2017 reviews on Yelp:
I am surprised to hear that, because Narragansett can be picky about some things. Here's a thread from 2011 in which one of our regular posters here (OhBeeHave) had their coverage and reported that:
The application was very extensive and during the application process even went so far as to have me document my dogs by taking pictures AND supplying vet records. If you have a pitbull or another breed with a bad reputation -- they aren't going to insure you.
However... Narragansett was acquired by another insurance company, Heritage Insurance Company, in late 2017. Heritage is a Florida insurer and they wanted to expand their business up the East Coast and to bolster Heritage's fading financial strength and customer experience ratings. Don't know how or if Narragansett's criteria has changed since then, although there are some pretty sobering post-2017 reviews on Yelp:
It may be that Narragansett is a fine company to have unless/until you have a claim. Some companies are like that.
I'm going to switch from narangasset. If house has more equity and it burns. Itll be a pain to get insurance money.
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