Home Insurance

**cosmocentral26** · 05-30-2008, 02:47 PM

I hope this is the right forum to post this.

I am buying a 3-family house in revere, MA. Now I am trying to get a homeowners insurance. One of the quote I got is $2200. That seems to be pretty high to me. Anybody got an idea on this? Appreciate your help.

**jamesww** · 05-30-2008, 05:34 PM

Originally Posted by cosmocentral26

I hope this is the right forum to post this.

I am buying a 3-family house in revere, MA. Now I am trying to get a homeowners insurance. One of the quote I got is $2200. That seems to be pretty high to me. Anybody got an idea on this? Appreciate your help.

You should not have to pay in excess of .8% of the property value per year on insurance unless you are in a flood plain. Areas in the gulf coast dont usually pay more than .8% and most states have lower premiums. I would not purchase in a flood plain myself. I feel that the risks for my family and property are to high.

**joehall** · 05-30-2008, 09:29 PM

But, doesn't it mostly vary with the location that you are in? I know that where i live, (near the beach) we have high insurance because of the hurricanes.

**cosmocentral26** · 06-01-2008, 06:16 AM

The property I am trying to buy is about 2 miles from the Atlantic coast. The quotes I am getting seem to be too high!

**jamesww** · 06-01-2008, 09:30 AM

Originally Posted by cosmocentral26

The property I am trying to buy is about 2 miles from the Atlantic coast. The quotes I am getting seem to be too high!

For us to help you we need a little more information. First, what is the purchase price of the home? Second, is the home in a designated flood plain? If your agent is competant they can find out for you wheather or not the home is in a flood plain. Another way of finding this information is by going the the county GIS page of the county your potential home in in.

**nancyarora2020** · 06-09-2008, 05:46 AM

When seeking home owners insurance, nothing is more important than your home, and all that it holds. While in the process of weeding out the best policy you must be prepared for what is to come as well as the final goal.First things first identify the cost rebuilding your home. Your home owners insurance should cover the replacement cost should you have to rebuild. You can start by determining the median for local building expenses as they apply to the size your home, the quality of construction, as well as the style. The most assured a way to identify this cost would be a crude hack a local contractor or home builder. Often for a flat fee they can identify the cost for you. While discussing your home with this contractor make clear any antique appliances moldings, or other unique building materials in your home. Another valuable step would be to contact a real estate agent or independent insurance agent to examine your home. They will be able to identify any special features you were not aware of. This will facilitate complete coverage for your home. She decided to deal with a direct marketer instead of a local agent who are better equipped to accurately report your homes details. Things such as building cabinets, antique wood, stained glass , marble inlays, as well as any unique appliances that you may have add to the cost of your home and your insurance.Another advantage to doing direct contact is identifying discounts. Once you have complete coverage for the cost of your home ask for them. Most homeowners leave the discounts on the table. If you seek you shall receive, so speak up one sure comfortable with your policy.
Good Luck!