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Old 02-25-2016, 11:37 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,174,073 times
Reputation: 6696

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Quote:
Originally Posted by saralvr View Post
When did you buy the home? Insurance companies have to pay to replace your home. They've established its current value at 430k, therefore you are charged accordingly.
I bought my house in 2010. for 38K it may now be worth perhaps 45k. The insurance here will only sell replacement cost which they say if 430k. That is rediculous the building costs here are way below that. for 430K I could practically buy the entire street I live on.
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Old 02-25-2016, 11:42 AM
 
Location: Wasilla, AK
7,266 posts, read 4,150,962 times
Reputation: 15701
Quote:
Originally Posted by arwenmark View Post
I bought my house in 2010. for 38K it may now be worth perhaps 45k. The insurance here will only sell replacement cost which they say if 430k. That is rediculous the building costs here are way below that. for 430K I could practically buy the entire street I live on.

Somebody has to subsidize those living in hurricane areas and flood zones.
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Old 02-25-2016, 01:25 PM
 
774 posts, read 592,185 times
Reputation: 1340
House insurance is probably cheaper in states where houses are cheaper.
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Old 02-25-2016, 01:41 PM
 
Location: South Carolina
13,821 posts, read 18,803,182 times
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Quote:
Originally Posted by tlarnla View Post
House insurance is probably cheaper in states where houses are cheaper.
that is a big misconception ^^^^.....
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Old 02-25-2016, 02:31 PM
 
1,206 posts, read 1,075,794 times
Reputation: 2524
Roseville, CA, just north of Sacramento. 1400 square feet. Annual homeowner's insurance $564. Replacement value (house only) just over 360K. I'm not in a flood zone, earthquake zone, or fire zone. I do get a discount for having an alarm system and also insuring my vehicle through the same company. I also have no claims, so that provides a discount too.
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Old 02-25-2016, 02:46 PM
 
Location: Out there somewhere...a traveling man.
39,552 posts, read 47,768,430 times
Reputation: 110429
Insurance on homes is generally determined on current replacement cost for that area, land is not included.
In AZ I have a 2000 sq ft home, a 1200 sq ft condo, 3 cars, a boat and a pp policy of $50,000 and my annual insurance bill for all of that is $1200.00
I'm insured with AARP/Hartford.
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Old 02-25-2016, 02:49 PM
 
Location: Dothan AL
1,450 posts, read 877,486 times
Reputation: 991
Quote:
Originally Posted by wit-nit View Post
Insurance on homes is generally determined on current replacement cost for that area, land is not included.
In AZ I have a 2000 sq ft home, a 1200 sq ft condo, 3 cars, a boat and a pp policy of $50,000 and my annual insurance bill for all of that is $1200.00
I'm insured with AARP/Hartford.
This is about what it is in Alabama
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Old 02-25-2016, 02:58 PM
 
Location: Fargo ND
809 posts, read 653,517 times
Reputation: 1245
states that have a low incidence of:

Flood
Tornadoes
Hurricanes
Earthquakes
Mudslides
Black Mold (Stachybotrys)
Hailstorms
Lightning

the above items can and frequently do cause a complete loss of the insured structure (or at least the roof "Hail")

places like:

Arizona and Nevada have low homeowners insurance rates as the above tragedies are unlikely

want cheap insurance? think Desert States (excluding California)
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Old 02-25-2016, 04:00 PM
 
Location: Texas
1,971 posts, read 1,376,326 times
Reputation: 6745
The cost is also based on your deductible, in my part of Texas you will not find any below 1%. For a $400K house the first $4K is on the owner.
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Old 02-25-2016, 04:08 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,174,073 times
Reputation: 6696
Quote:
Originally Posted by AlaskaErik View Post
Somebody has to subsidize those living in hurricane areas and flood zones.
Yes, well my other home is on Cape Cod [Hurricane] and it also costs a lot, plus has a 15000, deductible on hurricane damage.
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