Homeowners insurance - how much?

[nynraleigh]

don't forget...the price may look great, but what level of deductible are you at??? I would rather pay a little more and have a lower deductible...make sure you get quotes at different deductible levels, I shopped around, some agents will quote you a price, you look and you have a $1,000.00 or higher deductible...I went with State Farm, recommendation of carrying no more than a $500.00 deductible...plus with my auto, received a discount. If there were to be a big storm or say a pipe burst...I would only have to pay the first $500.00 towards the claim. I know some homeowners have a $1,000 or more...personal preference I guess...same with auto insurance deductible...

[MikeJaquish]

Originally Posted by nynraleigh

don't forget...the price may look great, but what level of deductible are you at??? I would rather pay a little more and have a lower deductible...make sure you get quotes at different deductible levels, I shopped around, some agents will quote you a price, you look and you have a $1,000.00 or higher deductible...I went with State Farm, recommendation of carrying no more than a $500.00 deductible...plus with my auto, received a discount. If there were to be a big storm or say a pipe burst...I would only have to pay the first $500.00 towards the claim. I know some homeowners have a $1,000 or more...personal preference I guess...same with auto insurance deductible...

I picked $1000 deductible purposely.
It saves me premium money.
With 25 years at State Farm, and no claims, the money I spent on low deductible years ago is unrecoverable. It doesn't take a lot of years at $100+ per year to exceed the $500 difference in damages, which I have never claimed.

That deductible deters me from making frivolous claims. Making small claims is a path to becoming uninsurable.
I want my Homeowner's policy there for catastrophic loss, not the small stuff which can add up and encourage State Farm to cancel me.

Funny thing, when I raised the deductible, it saved me $113 annually on premium.
At the same time, I asked about raising the deductible on my collision coverage and it was only about $20 annually.
I kept the collision low, and within 48 hours rear-ended a guy for a several thousand dollar claim. Saved me the $750 I was seeking to raise the deductible.

[Indigoblue]

Originally Posted by MikeJaquish

I picked $1000 deductible purposely.
It saves me premium money.
With 25 years at State Farm, and no claims, the money I spent on low deductible years ago is unrecoverable. It doesn't take a lot of years at $100+ per year to exceed the $500 difference in damages, which I have never claimed.

That deductible deters me from making frivolous claims. Making small claims is a path to becoming uninsurable.
I want my Homeowner's policy there for catastrophic loss, not the small stuff which can add up and encourage State Farm to cancel me.

Funny thing, when I raised the deductible, it saved me $113 annually on premium.
At the same time, I asked about raising the deductible on my collision coverage and it was only about $20 annually.
I kept the collision low, and within 48 hours rear-ended a guy for a several thousand dollar claim. Saved me the $750 I was seeking to raise the deductible.

Hmm good food for thought (We have a $500 deductible)

[autumngal]

And then take into consideration the age of the home. New construction will be cheaper for a little bit .

[bta]

Don't forget to tell the agents that you're shopping around. Tell them the other companies you're getting quotes from. You'd be surprised how many extra discounts they just realized you qualify for. From our research 3 months ago, here's the list of insurance companies we got quotes from:

Homeowners (least to most expensive)
Nationwide
Geico
State Farm
Allstate

[jkmeca11]

sales price = $228,150
with $500 deductible from Allstate = $562/yr.

[ducter]

Originally Posted by VickiR

The advantage to you going with any company is #1 COST and #2 SERVICE.

Certain insurance companies have raised their rates to cover paying out for recent disasters; therefore, I suggest you call 3 companies, give them the same info. and see who has the best rates.

Just because a certain company had great rates 2 years ago doesn't mean they will still have the best rates. On the other hand, if you have a relationship with an insurance agent and you feel he/she will do the best they can for you in case of a claim, you will want to take that into consideration, as well.

Vicki

I agree, my house falls in line with these numbers. Also CHECK THE POLICY because I have seen some co. using the bait and switch, low number over the phone but then things are left out of the details which come up later like distance to fire station ect. that will raise the number when you get the policy.

[JebediahScooter]

I think somebody mentioned some discounts for multiple policies. I just got a policy written with Nationwide, and there was a discount in the neighborhood of $100 for getting auto insurance through them. Works well for us because we're young and re-insuring cars due to getting out in the world (aka getting cut off by the parents).

[BMORRIS]

I recommend contacting John Fick at Nationwide (MICHELLE KEENER AGENCY) Don't have the number- but he was helpful in working w us to be competitive and got a much lower rate than statefarm.

[BMORRIS]

I recommend John Fick at Nationwide (Michelle Keener agency)-don't have numbr her but he was very helpful and got a competitive rate much lower than Statefarm and the others we had.