geggytah Posted May 20, 2005 Share Posted May 20, 2005 i am pondering purchasing a house this coming fall worth approximately 125,000. can any one out there give me a rough estimate on how much the insurance would be on the house based on your own insurance? Link to comment Share on other sites More sharing options...
eSJayDee Posted May 20, 2005 Share Posted May 20, 2005 Costs vary greatly, by company & of course your location. Assuming 'standard coverage', i.e. about the same value for your contents as well and not mosts 'acts of God', I'd guess about $400/yr. Link to comment Share on other sites More sharing options...
JimBob2232 Posted May 20, 2005 Share Posted May 20, 2005 Wow, 125k! I wish i could get a house for even twice that...I hate hampton roads... Link to comment Share on other sites More sharing options...
stevestojan Posted May 20, 2005 Share Posted May 20, 2005 Costs vary greatly, by company & of course your location. Assuming 'standard coverage', i.e. about the same value for your contents as well and not mosts 'acts of God', I'd guess about $400/yr. 340742[/snapback] "about the same value for your contents" Well, most HO policies offer 50% of the value of your house for your "stuff". And "acts of god" vary GREATLY depending on which type of HO policy you get. I would suggest getting an HO5 (comprehensive) policy. This covers your home and contents against "open peril". This simply means no matter what happens to your home (with the exception of flood) you are covered. The cheaper HO policies include HO8, HO2 and HO3 (8 being the cheapest and the worst). For HO8 for example, your home (and possesions) are only covered for theft, wind, hail, smoke, explosions, cars/airplanes (cars or planes crashing into your home), vandals, riot and volcanos. ANYTHING else is not covered. HO2 includes those and adds on falling objects, freezing, weight of snow, discharge of steam or water, power surges, and collapse caused by vermin or anything else listed above. Sorry that this was so wordy, but the point is, don't try to save a few bucks by getting an HO2(Broad) or HO3(special) Homeowner's Policy as it just isn't worth it.(especially and HO8). Also, technically in NYS, you only need to be insured for 80% of your home's value. I only mention this in case you are moving into a brick home or something else that you see no way you will lose 100% of the home in a fire. Link to comment Share on other sites More sharing options...
Wacka Posted May 20, 2005 Share Posted May 20, 2005 125K! The average here in the SF bay area is>4X that! I'm paying $150/yr for renter's insurance. Link to comment Share on other sites More sharing options...
Frez Posted May 20, 2005 Share Posted May 20, 2005 I have a question. What if you have 200,000 insurance on your home and there is a fire and it burns to the ground a total loss. Will the insurance company write you a check for 200,000 or just what your home was really worth? Let's say the home was just appraised for 100,000 a year before. Link to comment Share on other sites More sharing options...
stevestojan Posted May 20, 2005 Share Posted May 20, 2005 I have a question.What if you have 200,000 insurance on your home and there is a fire and it burns to the ground a total loss. Will the insurance company write you a check for 200,000 or just what your home was really worth? Let's say the home was just appraised for 100,000 a year before. 340881[/snapback] They will give you the "replacement cost" in most cases. The amount of money it would take to replace the home to what it was "Worth" and all of the contents. If you get that terrible HO8 that I was talking about, however, you get what is called "functional replacement cost". That means the Ins Co will give you the amount of money equal to what it would cost to get something that will replace whatever it was with an equal item made with modern materials. For example, in most cases, if you have a couch in your living room that is a antique passed down from 4 generations valued at $5000, and you have most HO policies, you'll get $5000. If you have HO8, you'll get how much it will cost you to go to Raymore and Flanigans and get any couch that would "functionally replace" that couch. Link to comment Share on other sites More sharing options...
bluv Posted May 20, 2005 Share Posted May 20, 2005 Wow, 125k! I wish i could get a house for even twice that...I hate hampton roads... 340755[/snapback] I just moved to hampton roads in november; except for the past few years houses were very cheap here compared to the national average. It is still way cheaper than a lot of other east coast cities. Co-workers from my old job in Newport, Rhode Island (which is expensive and lacking I might add) will have to relocate to San Diego. I checked on MSN House & Home; they have mobile homes running for over $300K so I say we in hampton roads have it pretty good with a growing economy and bright future. In Rhode Island, as an engineer making more than the average household, I couldn't come close to owning a house; I move here and can easily afford a 2000 plus square foot home. It's sad but pretty soon it will be a luxury to own a home as you will have to make about $200K to own a home in the near futre if this country keeps going the way it is; we'd be like those 3rd world countries: either you live in a masion or live in a hut as the middle man will be wiped out! Link to comment Share on other sites More sharing options...
Buckeye Eric Posted May 20, 2005 Share Posted May 20, 2005 "about the same value for your contents" Well, most HO policies offer 50% of the value of your house for your "stuff". 340789[/snapback] You can also request additional coverage for all your "stuff" such as collections, artwork, etc... Link to comment Share on other sites More sharing options...
SouthernMan Posted May 20, 2005 Share Posted May 20, 2005 If you're not insuring valuable collectables, jewelry, gay-ass 1977 Star Wars action figures, etc., and have typical possessions, probably not much more than $35/month - if that. Might be closer to $25/month. Why don't you try calling your insurance agent instead of asking a bunch of nitwit Tom Donahoe wanna-be's? Link to comment Share on other sites More sharing options...
The Tomcat Posted May 20, 2005 Share Posted May 20, 2005 I have a question.What if you have 200,000 insurance on your home and there is a fire and it burns to the ground a total loss. Will the insurance company write you a check for 200,000 or just what your home was really worth? Let's say the home was just appraised for 100,000 a year before. 340881[/snapback] If in the event of a total loss by fire...you would get 100% (at least some are written to 125%)of the $200,000 + the $$ of your contents....+ other expenses.....my point is this....the insurance company values your house at what it would cost to REBUILD IT TODAY (unless you get a policy for "market value" (I don't recommend))....with the price of labor(unions, updated codes etc) and materials, its more expensive today to BUILD.... as said previously...make sure you get at least an HO3....most companies have a better policy for a few $$ more....most of the time, the more comprehensive is worth it. I will leave you with this.......As an agent I've seen only 2 house fires for my clients. You should pray you never have to use your HO's insurance for a total house fire. oh yeah, call your auto ins company and see if they offer HO ins.....if not, get all your auto insurance stuff and bring it to the same place your looking at for HO ins. Make sure you let them know you want to bring your car ins as well. Good Luck...Allstate has some good rates if your driving record is good and your credit is good.....not sure of cost but $350-$400 year sound about right.... Link to comment Share on other sites More sharing options...
rockpile Posted May 20, 2005 Share Posted May 20, 2005 You can also request additional coverage for all your "stuff" such as collections, artwork, etc... 340952[/snapback] These riders can be very expensive and you better have very good documentation to back up the claim that your copy of Amazing Fantasy #15 actually exists, AND is worth $40,000 or more! interesting auction Link to comment Share on other sites More sharing options...
rockpile Posted May 20, 2005 Share Posted May 20, 2005 i am pondering purchasing a house this coming fall worth approximately 125,000. can any one out there give me a rough estimate on how much the insurance would be on the house based on your own insurance? 340727[/snapback] You can sometimes save by combining home and cars on the same policy or getting an "umbrella" but I am not an expert at all. Link to comment Share on other sites More sharing options...
plenzmd1 Posted May 20, 2005 Share Posted May 20, 2005 Also, remember you are insuring the house, and not the land. Link to comment Share on other sites More sharing options...
elcrusho Posted May 20, 2005 Share Posted May 20, 2005 We just bought a house for $97,9 and we had to pay one year up front and it was $660 or something around that Link to comment Share on other sites More sharing options...
gantrules Posted May 20, 2005 Share Posted May 20, 2005 We require replacement cost on the home when we secure your mortgage. Depending on your credit your insurance shouldn't run anymore than $500.00 per year if it's a single family residence. Link to comment Share on other sites More sharing options...
John from Riverside Posted May 20, 2005 Share Posted May 20, 2005 Go with Safeco.....they are good.... They didn't even raise my homeowners insurance when they found out I put in a swimming pool...... Link to comment Share on other sites More sharing options...
Mr Info Posted May 20, 2005 Share Posted May 20, 2005 i am pondering purchasing a house this coming fall worth approximately 125,000. can any one out there give me a rough estimate on how much the insurance would be on the house based on your own insurance? 340727[/snapback] Not a lot. But you will have to add contents (75% of home cost - this value is usually non-negotiable) and liability and then determine the deductible you want to live with. Also, be sure to tell them about any security or other pertinent items (e.g., using Hardiplank instead of wood, etc.) eligible for discounts. Link to comment Share on other sites More sharing options...
Frez Posted May 20, 2005 Share Posted May 20, 2005 How many have a dog that raised your home owners insurance? Link to comment Share on other sites More sharing options...
stevestojan Posted May 20, 2005 Share Posted May 20, 2005 How many have a dog that raised your home owners insurance? 341454[/snapback] just a tip,... do not get a "BEWARE OF DOG" sign... it might sound like Insurance companies would like this, however your HO's policy can actually be cancele if they catch wind of the fact that you have that. Why? Well, by letting the public know you have a dog that WILL bite, many people would be willing to go into your yard, get bit, and collect a nice settlement from the insurance company.. just an FYI. Link to comment Share on other sites More sharing options...
Recommended Posts