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Old 02-22-2016, 06:12 PM
 
8,039 posts, read 4,477,617 times
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What is the best way to find out the general cost of homeowner's insurance in the Lafayette area? I don't live there. In trying to decide whether to move to Tyler, TX or the Lafayette area (closer to family), I'm trying to compare the cost of living. Housing is a big cost.

I'm thinking that because the hurricanes & flooding, homeowner's insurance might be really expensive. I saw a house for sale that said the seller pays $2,400/yr for homeowner's (it's not in a flood zone). Sacre bleu!

I don't have a real estate agent there, but would that be a good way? I could do an online thing, but it asks for specific address and your name and other i.d., so I'm thinking they will give a quote only on a specific house.

I asked my ins. agent, but they don't know the rates in other areas.

I called a broker there (one who sells various ins.), and he said he couldn't say, it would depend on the house and other specifics.

Does anyone have any ideas? I'm looking for just a general range. For example, in my city, in my price range, normal ins. (no mold add-ons and such) will run about $1k for a $300k house. It used to be $1200 for $250k house a while back, but I shopped around for a better rate, and then prices increased...which don't really affect the ins., since it's replacement cost of the structure, which changes only with inflation.
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Old 02-22-2016, 09:25 PM
 
Location: Youngsville, LA
431 posts, read 965,634 times
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Quote:
Originally Posted by bpollen View Post
I asked my ins. agent, but they don't know the rates in other areas.
My advice would be to go on a real estate site and pick any house in an area you like and have a major insurance provider give you a quote. They will be licensed in both Texas and Louisiana, so they will have all the rates handy. My (major) provider quoted several houses before I nailed down the one I eventually bought. All I did was give them an address and they pulled up the listing for all the details.

Probably an apples to oranges FWIW comparison, but I just moved back to Lafayette (Youngsville) from Katy, TX into a newly constructed 1,959 sq. ft. house not in a flood zone costing in the low $300k range. My premium before discounts is $2,642.84, but I am paying $1,560.25 after discounts which comes out to around $0.80 per sq.ft.

My Katy house was also new construction not in a flood zone, but had 2,709 sq. ft. and cost in the low $200K range. That premium before discounts was $4,048.11 and $2,153.79 after, or about $1.26 per sq. ft.

Both were insured by the same company using the same discount criteria and I suspect the higher cost in Katy had more to do with being in the Houston area than being in the state of Texas, so what you can get in Tyler in similar neighborhoods may be significantly different, and I'm guessing cheaper.

My premium in Youngsville is quite a bit higher than what you're looking to pay, but that may be for the very reason you cited. It's quite a ways south of I-10, so is at higher risk during hurricane season. North Lafayette is probably quite a bit cheaper. Plus, it's prettier up there anyway.

Best of luck!
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Old 02-24-2016, 02:20 PM
 
8,039 posts, read 4,477,617 times
Reputation: 16840
Quote:
Originally Posted by JimLFT View Post
My advice would be to go on a real estate site and pick any house in an area you like and have a major insurance provider give you a quote. They will be licensed in both Texas and Louisiana, so they will have all the rates handy. My (major) provider quoted several houses before I nailed down the one I eventually bought. All I did was give them an address and they pulled up the listing for all the details.

Probably an apples to oranges FWIW comparison, but I just moved back to Lafayette (Youngsville) from Katy, TX into a newly constructed 1,959 sq. ft. house not in a flood zone costing in the low $300k range. My premium before discounts is $2,642.84, but I am paying $1,560.25 after discounts which comes out to around $0.80 per sq.ft.

My Katy house was also new construction not in a flood zone, but had 2,709 sq. ft. and cost in the low $200K range. That premium before discounts was $4,048.11 and $2,153.79 after, or about $1.26 per sq. ft.

Both were insured by the same company using the same discount criteria and I suspect the higher cost in Katy had more to do with being in the Houston area than being in the state of Texas, so what you can get in Tyler in similar neighborhoods may be significantly different, and I'm guessing cheaper.

My premium in Youngsville is quite a bit higher than what you're looking to pay, but that may be for the very reason you cited. It's quite a ways south of I-10, so is at higher risk during hurricane season. North Lafayette is probably quite a bit cheaper. Plus, it's prettier up there anyway.

Best of luck!
Thanks so much. That was actually really helpful. In fact, the Houston area comments and numbers were helpful, since I considered moving to that area to begin with.

I can do the online quote thing, but they won't do it, I think, w/o a credit check. I don't want these sorts of credit checks, since they may affect my credit. I'm not really applying. I just want a quote. (I have excellent credit...I just don't want a bunch of credit checks. I already have one, when I did an online quote thing for my current house. I did a follow-up call, and she told me they'd already done a credit check; that they do that before giving a quote.)

But your numbers are helpful in letting me know the ins. will be a good deal more than I pay now. Not necessarily a deal breaker, since the property taxes there are a good deal less than I have now.

Thanks!
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