Quote:
Originally Posted by Karaboo13
I am in the middle of purchasing a home and got a quote from geico for my homeowner insurance and it was 1680/yr - ah! Is this a reasonable quote for a 4 bed/2bath home in greenlawn?
|
The number of bedrooms/bathrooms is not sufficient information to even begin to determine if that's a competitive premium.
So much goes into the rate: the total square footage of living space (3 BR can be as large as 4 BR); the total number of rooms; if it includes "replacement value" (advisable!); the location; type of construction; type of heat; garage yes/no - size; fireplace(s); alarm system; inflation guard, and other items.
Also, while personal property is automatically "included" at between 50-70% of the insured value of the residence, unless you request the personal property replacement cost rider, you will get actual/depreciated value. What does that mean? Let's say you paid $4,000 for your dining room furniture five years ago; the present value of "used" furniture is a fraction of that amount, so if there is damage, without the replacement cost rider, you will only get the current value/reduced amount - you might be able to buy a new chair with that... and so on.
Then there is Personal Liability coverage. Do you have the required minimum or do you have a higher amount?
Also very important: what is your deductible? the lower the deductible, the higher the premium.
Oh, and then there's your FICO score...
BTW, ask what the hurricane deductibles are for different category hurricanes - you might be surprised...