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Old 05-26-2015, 05:42 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078

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Quote:
Originally Posted by YelloJacket View Post
I got a quote for home owners insurance that costs me 4800$ per annum for a property value of 295K on 3100 sq ft. Is that crazy or am I not seeing things the right way?
Something is off. Have you had any claims in the past 5 years? Anyone sue you? As asked previously, does the house have a shady past? ( multiple fires/burglaries, etc). Ask your mortgage company if the offer homeowners - many times they have discounted rates. What deductible are you using?
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Old 05-26-2015, 05:48 AM
 
4,480 posts, read 7,937,629 times
Reputation: 6404
Get more quotes. I wouldn't base your decision on one quote.
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Old 05-26-2015, 09:44 AM
 
176 posts, read 132,896 times
Reputation: 26
Quote:
Originally Posted by SmartMoney View Post
Something is off. Have you had any claims in the past 5 years? Anyone sue you? As asked previously, does the house have a shady past? ( multiple fires/burglaries, etc). Ask your mortgage company if the offer homeowners - many times they have discounted rates. What deductible are you using?
No claims in the past 5 yrs. No one sued me. No fires/burglaries I know of. Deductible is 1000$.
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Old 05-26-2015, 09:45 AM
 
4,542 posts, read 11,544,610 times
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Quote:
Originally Posted by YelloJacket View Post
No claims in the past 5 yrs. No one sued me. No fires/burglaries I know of. Deductible is 1000$.
Have you shopped it?
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Old 05-26-2015, 09:54 AM
 
176 posts, read 132,896 times
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Quote:
Originally Posted by TimtheGuy View Post
Have you shopped it?
I confess I have not but the deadlines are so tight with closing close by, I do not have much time to do the shopping! Any suggestions on good insurances?
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Old 05-26-2015, 10:10 AM
 
Location: SW Florida
9,144 posts, read 6,332,122 times
Reputation: 12709
Quote:
Originally Posted by luv4horses View Post
Insurance is high where there are special hazards. Flood prone/hurricane areas used to not be charged the full amount for their risk as it was partially spread to houses in the rest of the company's service area. After certain changes in the law, those areas must now fully support their own risk, making the cost much higher than those folks in potential flood/hurricane zones were used to seeing, while bringing the rates for those nowhere near the water closer to fair prices.
You are talking about flood insurance, the OP was talking about homeowners insurance, which does not cover flood damage.
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Old 05-26-2015, 10:13 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,297 posts, read 17,497,824 times
Reputation: 22122
Quote:
Originally Posted by YelloJacket View Post
I confess I have not but the deadlines are so tight with closing close by, I do not have much time to do the shopping! Any suggestions on good insurances?
Is this the homeowners insurance offered by the mortgage company? If so, that probably explains the inflated price.

For outstanding service with excellent prices (not necessarily the cheapest prices) - USAA (if you qualify) and Amica. Erie would be a close second.

Make sure you combine your auto, homeowners, any jewelry/art riders and umbrella policy all with one company.

I'm not the only one saying this. I'll give you this link, not because I like Clark Howard, but because he explains a few important things to consider besides price AND because he shows the ratings gathered by Consumer Reports:

Best And Worst Home Insurers | Clark Howard
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Old 05-26-2015, 10:22 AM
 
Location: VA
203 posts, read 325,842 times
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I love Amica!
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Old 05-26-2015, 10:28 AM
 
183 posts, read 281,573 times
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Quote:
Originally Posted by YelloJacket View Post
Well I am looking at property in Georgia. It is not in flood or hurricane zone. I have had a good credit and no dog, so there should be no reason why it is that high. Any ideas?
I'm in GA too. My experience for high premiums is

It's a rental (non owner occupied)

or

It's an OLDER house (1920s etc)

For perspective:

Our home: 2014 new home 2800 sqft premium : under $800
Investment home : 2005 home 1300 sqft premium : $1400

Definitely shop it. Are you escrowing your home insurance? Ask loan agent process for switching insurer after closing...
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Old 05-26-2015, 10:37 AM
 
176 posts, read 132,896 times
Reputation: 26
Thanks I have requested about changing my homeowners insurance, and I do plan on es-crowing it!
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