Home Insurance cost for largish house

[nhuser]

After you get the best price call Ameriprise and ask for a quote if you have costco membership. I bet you your savings will pay more than double the membership price. I saved about $600 on 2 cars and 4000 sqft house in cary.

[lifeofJenn]

Originally Posted by twingles

Exactly. #1 in particular is misunderstood by many people and leads to people being over insured. It is impossible to say one is paying too much or whatever without an apples to apples comparison. Even where you live can affect your rates. And with HO you're probably not making claims unless disaster strikes and then you do not want the fly by night operation.

There are policies available (I know through Erie, but possibly others) where you may pay for X amount of coverage (in OP's case lets say $700k) however it is a "guaranteed replacement" plan so if it turns out costing more, they will pay more. The catch is that they determine what the estimated base value is (they put your homes info into a formula which pops out what coverage you will pay for).

I agree with others that a higher deductible is worth it given insurance companies will raise your premium based on claims anyway.

[Jim1921]

We have Erie insurance. Our home is approximately 4800 sq ft, and the rebuild value is around $930K (wish we could sell it for that). We pay approximately $1400/yr with $1000 deductible. We should probably look at a higher deductible amount and see how that impacts the premium.

[danielbmartin]

Originally Posted by Jim1921

We pay approximately $1400/yr with $1000 deductible.

That's a reasonable figure.

We should probably look at a higher deductible amount and see how that impacts the premium.

I choked on State Farm's insistence on signing the Consent To Rate document, and solicited quotes from insurers which do not impose this condition. Haven't made a decision yet but Amica is the front-runner. One reason: they offer a Homeowner policy with a $10K deductible, higher than most others. Choosing such a high deductible makes a significant reduction in annual premium.

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