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I just worked up a quote with Allstate. My home in Cary, with replacement coverage of $245,000 on the structure. Standard coverages that come with this amount of coverage. Nothing added, no dogs, no pool, etc, etc.
They gave me a quote of $1012?????????? I thought insurance was cheaper in NC? Good grief!
Geico was no better at $998? and I also have auto through them.
I have State Farm for both my house and car. I think my house insurance costs approximately $600 a year for the structure + $40K in furnishings. My house is worth about $245K but that includes the land. Insurance doesn't cover the land--only the structure.
Insurance for $362,000, plus $300,000 liability, plus medical payments, plus replacement cost, plus 20% surplus construction option cost us $331 through Travelers. We went through CTX insurance agency and they picked Travelers for us. This is much much cheaper than back in MA. State Farm was always much higher on insurance for me, so I dumped them.
I'd check with State Farm (which has lowered their costs if you have great credit) or Farm Bureau (cheapest rates I've found lately).
I'd ESTIMATE about $800 per year, which is on the high side, if you have alot of personal property. $600 per year, on the low side, would be my estimate.
Raising your deductible is the first step to reducing your premium significantly. You aren't supposed to use your home owner's insurance for piddly stuff anyhow - they wind up raising your rates or cancelling your policy outright if you do.
I pay $345 per year for coverage on my $210K house from State Farm, with a $2500 deductible. That high of a deductible reduces the premium by $201 per year.
A lot of people don't get replacement coverage. We have it and I think it's essential, but most people don't have that which may be why their premiums are lower. You could always change it so you just have basic coverage but of course there's a risk there. Just depends how you feel about that.
Also, there are things to lower it. If you have an alarm system, let them know. If you are getting car insurance, get them at the same place and they will bundle the coverages and reduce rates. Increase the deductible.
Ours is the same cost/replacement ratio as yours, travelmate.
Do you live in a flood plain? Live near a fire hydrant? House brick or siding? Material of roof? They asked us all kinds of questions like that when we applied. Maybe you hit the "expensive" answers for all those things.
We are with StateFarm and our annual policy is $610. Replacement value of structure is $265K, personal property $168K (this is really high but they take a standard % from the replacement value) and liability $300K. $500 deductable.
Our policy incl a multi policy discount (vehicles).
I just worked up a quote with Allstate. My home in Cary, with replacement coverage of $245,000 on the structure. Standard coverages that come with this amount of coverage. Nothing added, no dogs, no pool, etc, etc.
They gave me a quote of $1012?????????? I thought insurance was cheaper in NC? Good grief!
Geico was no better at $998? and I also have auto through them.
We're currently in Michigan, but even here our insurance runs almost $900/year. Replacement coverage is best and so there's a premium for that.
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