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What should I be paying for Home Insurance?

What should I be paying for Home Insurance?  How do I know I have a good policy?  Where is the "Consumer Reports" on Home Insurance Companies?
1800 sq foot raised ranch on a .51 lot.

Cathy Swanson
  • August 30 2010 - Upper Providence
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Answers (5)

One thing to keep in mind is that the insurable value estimated for your homeowner's insurance considers the cost to replace your home in the event of an insurable loss.  The replacement cost estimate is directly affected by the cost of construction materials and construction labor costs.  On the other hand, a real estate appraisal reflects the real estate market for the type of property being appraisal.  Think of it this way, if a majority of homes for sale in your competitive price range are foreclosures or bank-owned properties these market conditions have an impact on the market value of your property but don't affect the cost of construction materials or construction labor costs if your home were to be a complete fire loss.
  • September 05 2010
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As an agent, I'll tell you honestly that question is impossible to answer.  You can take the same home and two different people could insure it with the same company for prices that vary as much as 100%.  Factors such as credit score, claims history, and your age affect the rate as much as the home information.  Find you a good independent agent who can quote your home with five or more companies and ask to see all the quotes.  Best wishes.
  • August 30 2010
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Home Insureance is like most things in Real Estate where location is first factor that effects your rate. High dry land or low flood area. Second is your credit report. Third has this home had previous repairs paid by insureance oon record. From there you can compare rates. What Consumer reports or anyone else has to say about national trends has little to know value on a specific homes price or cost to insure.  
  • August 30 2010
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This is something you definitely want to shop. The prices can vary widely.
  • August 30 2010
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Hi there,
I believe that the decision on HOME INSURANCE is subjective and personal.  As a home owner you take on this responsibility to make sure you have a great comfort level with the agent, the company, the policy and the payment.  Many of my clients go with the company that holds their auto insurance and seem to believe they get a break from them.  If you have a good agent they should be able to work with you and your request and give you great peace of mind which is priceless!

Celia Butler
Lending in all 50 states!
  • August 30 2010
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