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Sep 30 2017

Cost of Homeowner s Insurance – Consumer Information and Prices Paid #homeowner’s #insurance, #homeowner’s #insurance


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Homeowner’s Insurance Cost

  • If your state aggregates statistical data for insurance premiums, the best way to compare rates from many different carriers is to use your state’s Homeowner’s Premium Comparison or Homeowner’s Insurance Consumer Guide. Many state Insurance Departments conduct surveys county-by-county based on amount of coverage and age of home, and can provide you a comparison of what different insurers are charging for similar homes in your area. CA [1 ]. FL, NY, TX, National Directory of State Insurance Departments [2 ] .

Related articles: Health Insurance. Car Insurance. Tax Returns. Refinancing a Mortgage

  • Ways to decrease the cost of your homeowner’s insurance include:
  • Shopping around and comparing prices of different carriers.
  • Making sure your insurer knows about any reasons for a discount, such as having a burglar alarm, a smoke detector in every room, etc.
  • Getting multiple insurance policies from the same company, i.e. getting homeowner’s insurance and auto insurance from the same company.
  • Many experts recommend against filing claims for small items less than several thousand dollars because filing could increase your premiums in future years, so it might make sense to have a deductible of $1,000 or more.
  • Other tips for lowering your homeowners insurance costs are published by the Federal Citizen Information Center [3 ] .

Shopping for homeowner’s insurance:

  • Nation-wide carriers of homeowners insurance include Geico and Insweb [4 ] .
  • You state’s Department of Insurance may also have a list of carriers in your state. CA [5 ]. FL, NY, TX [6 ]. National Directory of State Insurance Departments [7 ] .

Insured Amount: 120,000

I found that bank forced place insurance on my house is a much better deal than the Royal Palm Insurance that I had.
I started off with Royal Palm Insurance when I purchased my house, Royal Palm Insurance was then sold to Tower Hill the next year. They sent notice of non renewal. I got several quotes from Citizens Property Insurance Corporation that were all insane in price, over $1,900. So I made the choice to see how much bank force placed insurance would cost. Sure enough, it is a much better deal for me.

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Rate has $500,000 liability, $1,000 deductible, sink hole coverage, and other coverage. Had State Farm for decades but they not only have raised rates immensely (to over $2400) but the way they treat us (and the State of Florida) makes me change them even if their rates were half. Best bet is to check State of Florida web site as it gives comparison prices and quality indicators for companies. Try http://www.floir.com/choices/ and also read http://cf.htcreative.com/insurance2/insuranceriskhome.html#webApp.

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I filed more than 3 claims within 5 years. I had rental property under a separate policy, paying a separate premium and Allstate took the claims that I filed on my rental property and lumped them together with the claims that I filed on my primary residence. They have informed me that as of August 2011, they are dropping my coverage. I have been trying to find coverage with other companies, but no will insure me, because they are able to view the claims that I have with Allstate.

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Insured Amount: 150,000

Unknowingly filed 3 claims within 5 years due to extremely unfortunate circumstances. Neither Safeco nor their agents warned us of possible consequences of filing these claims. One was a theft about 900.00, one was related to air conditioner for about 1,000.00 and the other was related to damage to kitchen tile caused by a leaking dishwasher for about 3600.00. They cancelled us and now we cannot find insurance coverage. There should be a requirement that insurers tell you upfront about their cancellation policies. Had we known this, we would have only filed one claim. Need to know who we can turn to for insurance.

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It really pays to shop around. Our first house someone in the family found the best price in Ocala so we went with their firm, about $1,300. We checked with our auto insurance agent and she was able to get us this $670 a year with a company different than the auto insurance. It helps to talk to someone you can be upfront about what needs insured for how much/what you’re willing to pay for.

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