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I'm shopping for homeowners insurance for the house we're moving into and the first quote I received is a bit higher then anticipated.
For those of you "in the know", how much (approximately) should I be expecting to pay per year for a policy on a house valued at $325k on an acre of property? There's nothing unusual about the house (e.g. no swimming pool or trampoline).
I realize there are several other key details that are factored into the total but I'm looking for ballpark numbers, not exact.
Well the land doesn't factor into it (unless you have to add flood insurance on top), and the house value really doesn't either they go by the replacement value, the structure, the age, and credit score.
I have to get homeowner's for a lot of my clients, and I've found, in NC, that farm bureau insurance normally beats most others. (there are exceptions)
I'd suggest checking there. They are credit based, so, they don't approve everyone. I think allstate has graded rates, based on credit, where they can still give the insurance to lower scores, but, with a higher rate.
USAA is charging us $704 for our two-story ~3000sqft house. They were going to charge us $700, until I called back to tell them it was actually hardiplank instead of vinyl siding (we didn't realize until after we'd bought the house), so they tacked on an extra $4. The $704 also includes a few extras that aren't standard.
There was a little delay in the homebuying process b/c our mortgage company wanted them to cover the land as well as the house on the land (ie. pay more), but USAA called them back to inform them that in NC you only need to insure the actual building. We also have our cars insured with USAA. Oh we're also getting a discount ($34 or $40 or so for our alarm system). My realtor told me that in her experience working with her clients, noone can beat USAA's prices.
We all have to pay for Katrina. My HO went up over $200 since Katrina. when I asked Allstate why they said the majority of the country has to fund people who have hurricane damage. I told him I thought that was BS. I do not live on the waterfront and I am not happy about funding the damage of people who do. Plain out if you live on the water you have to pay the piper. Not all paradise Jimmy Buffet, beach bunny and sand huh? RANT ALERT!
I found that some states have taken this issue to task and passed legislation to stop the burdening of good people who do not live in coastal regions. Yes yes I know insurance is a pool of subscribers. Well my pool is not on the water. Hurumph!
Your homeowner's insurance premiums depend on whether you are including your cars, how much personal property you own and your credit score and probably a few other things that I'm not even aware of!
I'm not an insurance agent but I will tell you this, based on 3 closings I've had this week...
1. Sales price...$289,000...Ins. cost $516 per year.
2. Sales price...$185,000...Ins. cost $282 per year.
3. Sales price...$355,000...Ins. cost $689 per year.
In NC, you do not pay to insure the land. Reason being that in case of fire or disaster, your land is still there!
The one thing I recommend to my clients is that they check 3 different companies and make sure they have replacement value.
And that is the extent of my knowledge of homeowner's insurance!!!
Is there any advantage to staying with the company you've been with?
I've had State Farm for 15 years in TX and OR: homeowners, auto, RV, umbrella, and (now) renters. Clean record (two "not at fault" auto claims, paid by the other company, driver was talking on cell phone....GRRRR!).
My instinct is to call a local SF agent for homeowners, and be done with it.
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.
Great info so far; thanks to all the posters. Does anyone have experience with Kemper?
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