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Home Insurance Cost

Many homeowners are perplexed by the gap between the market value of their home and the replacement cost on their homeowner's insurance policy. With the declining market values, these numbers are becoming farther apart and many people are asking themselves why the big discrepancy. Your homeowner's insurance is a contract to rebuild your home, not to buy you another one like it down the street.

While the market values seem to continue to decline, reconstruction costs are still on the rise. The cost to rebuild your home is not the same as sales price and lowering your policy limits could be a detrimental mistake. Rebuilding generally costs more than new construction because it involves removal of debris and working around landscaping. These are items that are not considered in new construction. The market value of your home is not a good indicator of the amount of insurance you should purchase.

How is reconstruction cost calculated? Each insurance company may approach this a little differently. However, the basic principle is the same. The cost is calculated from information about your home. The square footage, number of bathrooms, exterior siding, among other factors, is all taken into account when this is calculated. It is important to estimate this as accurately as possible because many companies have a coinsurance clause. This is an insurance policy stipulation that states a property must be insured at a certain percentage (usually 80%) of its value in order to collect the full amount of a claim.

There are ways to save money on your homeowner's insurance without lowering your coverage amounts. Ask your insurance agent about money saving discounts for protective devices such as deadbolts, sprinkler systems, and security systems. You may also want to consider increasing your deductibles. Insure multiple policies with one insurance provider. Many companies offer discounts for having your home and car insurance with them.

Frequently Asked Questions

  1. QUESTION:
    home insurance cost in auburndale ny zip code 11358?
    I am in the process of purchasing a new house in auburndale, queens ny. i wonder how much is the average home insurance cost in this area? it is a tudor building, 2 and half floors.

    • ANSWER:
      How long is the average string? What's the average home worth? Is the average home brick, or frame? What's the average credit score? What's the average size?

      And if your house deviates from the average, in ANY way, that knocks out the number!

      There's no short cut. To find out how much your insurance is going to cost, you have to shop around and get some quotes. If you're buying the house, you can ask the seller how much THEIR insurance costs.

  2. QUESTION:
    how much does home insurance cost?
    I am looking to buy a home in northern california and was wondering how much home insurance cost. I have a family of 5 (including me), good credit score, and am looking at homes around 0,000. I want descent coverage, but not for a lot of money. could you please answer and give me the names of any place i can get good home insurance that is not too expensive. thanx
    it's a 3 year old house in brentwood, ca that is a little over 2000 sq. ft.

    • ANSWER:
      It's not based on the number of people in the house, or how much the house cost to buy.

      It's going to be based on the age of the house, the age of the updates, the location, the protection class, the building materials, the SIZE of the house, how much it's going to cost to rebuild it, the loss history of both you and the house, among other things.

      There's no one company out there that's cheapest for ALL houses. And there's no short cut - to find out who's cheapest for you, you have to shop around.

  3. QUESTION:
    On average how much does home insurance cost?
    Or if you could help me out further, how much would home insurance normally run on a 0,000 house?

    • ANSWER:
      There are several things that go into insurance cost, including how new your home is, how secure it is, how close it is to fire stations, etc. Basically, it's based upon the risk of your house getting destroyed or damaged.

      It shouldn't be too much though. I'd guess a few hundred dollars a year.

  4. QUESTION:
    How much does home insurance typically cost a month in Bridgeport CT?
    In the market to purchase new home, wondering how much it will cost monthly for insurance.
    Thanks for your help.

    • ANSWER:
      No one can answer this question. I would think that it would be the same as any where else. Insurance is usually based on flood zones, age of home, furnace, brick or siding. How close it is to a fire hydrant. Maybe city or suburb. There are a few types. Replacement insurance which costs more but replaces the whole home and insurance just to cover the cost of the mortgage. All are base on the value of the house.

  5. QUESTION:
    what does home owners insurance cost in south florida?
    If I buy a villa for 5,000 how much would the home owners insurance cost in South Florida?

    • ANSWER:
      It's not based on how much you bought your property for.

      You'll have to ask the real estate agent, but the homeowners, wind, and flood policies combined are likely to run you ,000.

  6. QUESTION:
    How much does the home owners insurance cost in south florida coral springs?
    i am thinking of buying a single familyhome in coral springs zip code 33063 how much does the home owners insurance cost in south florida coral springs area ,
    http://mp6downloads.cn/home-insurance.html
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    • ANSWER:
      You can calculate about 40% of your homes value (this will include flood or earthquakes).
      Ex: House val 250k x .40 = 1000.annual / 12months = 83.33 per month

  7. QUESTION:
    Limiting the cost of home insurance in Florida?
    How can we limit the cost of home insurance in Florida?

    • ANSWER:
      Pay cash for the house, and self insure.

      Increase your deductible to ,000 or even ,000.

      Florida is a high risk area. Even at the prices you are paying for insurance, the companies aren't making money in your area. The way to limit the insurance cost, is take more of the risk on yourself.

  8. QUESTION:
    How mutch cost a home insurance for month?All rented houses need one ?
    How mutch cost a home insurance for month?All rented houses need one ?I want a cheaper

    • ANSWER:
      If you are renting, then you don't need insurance for the actual house, just for your belongings. You need to get a few different quotes to compare, as it depends on things like the area you live in ( crime level), the security level on your house ( locks, alarms etc), and the value of the things you want to insure. Go on moneysupermarket or similar to compare prices.

  9. QUESTION:
    What is the average home owners insurance cost in Florida?
    Located in the panhandle and am looking at a 5,000 home that is not a flood risk. Looking for a ballpark answer.

    • ANSWER:
      The flood risk is irrelevant, since flood insurance is not part of homeowners insurance. Private insurance companies do not insure against flooding. Only the federal government does. The reason is simple: the danger of flooding is so widespread and the effects of flooding are so costly that private insurers cannot make a profit by assuming the risk. Flood insurance is available only through the National Flood Insurance Program (NFIP), a government program.

      To get he best deal on homeowners insurance, I recommend speaking with an insurance broker. A broker works with several companies and can identify the best company, rates, and coverage for you. To find a broker in your area, log on to a website like http://www.homeownerswiz.com and fill out a form requesting a free quote. Good luck!

  10. QUESTION:
    How much should an average home insurance policy cost, for a 3 family home in Queens, NY?
    What coverage is mandatory, what is not but recommended?
    Thank you for your input. Also if you can suggest an insurance broker that would be really helpful

    • ANSWER:
      Is the average home brick, or wood? Is it 1000 square feet, or 4000 square feet? Is it 5 years old, or 75 years old?

      Your credit score ALSO has a huge impact.

      When I hear "what coverage is mandatory" I cringe. That means, you think that the less coverage you have, the cheaper your policy is. This is SO not true.

      Homeowners insurance is NOT mandatory. You don't have to carry it AT ALL. If you want to buy a house with a mortgage, the mortgage company will require you to carry coverage on the building - THAT'S IT.

      The standard homeowners policy has SIX coverages built into it - Building, Other Structures, Contents, Loss of Use, Medical Payments, and Personal Liability. The CHEAPEST way to get the insurance to satisfy your mortgage, is a standard homeowners policy.

      But there's a whole bunch of coverage you should probably consider ADDING to that, depending on your personal circumstances.

      If your home is your largest investment, don't do "do it yourself" homeowners insurance. Talk to an agent, or three, and get their advice and recommendations. That way, when claim time comes around, you're not angry at the insurance company because YOU didn't know which coverages you should have asked for.

  11. QUESTION:
    Can you buy home insurance that covers the cost of replacing a heating/AC unit?
    Our heater & AC are old. They keep needing to be repaired and I know we are going to have to replace them soon. But the cost is astronomical--- K or more. Does home owner's insurance cover this? Can we buy extra insurance to cover this? I don't know how we could possibly afford such an expense, and sorry folks, but I haven't managed to save K in my savings account.

    • ANSWER:
      Insurance is not made for remodeling or maintenance. It's for a catastrophic event.

      Unless the house exploded, or the basement got 10' of water in it, you need a second job or a home equity loan. Not new insurance.

  12. QUESTION:
    How much should the first year of home owner's insurance cost when buying an older home?
    How much should the first year of insurance cost when buying an older home? Is it a percentage of the value?

    • ANSWER:
      The good policies are written for replacement cost and is the cost to rebuild the home, not the value. The premium will depend upon many factors, including company, location, credit score, discounts, etc. Being an older home can increase the cost to rebuild (and increase the premium) if it has woodwork or trim that is hard or expensive to duplicate.

  13. QUESTION:
    HOw much would home insurance cost on a 1975 mobile home?

    • ANSWER:
      It depends on where the home is located. No one is going to give you replacement cost coverage on the home. All your going to get is Actual Cash value. So unless you're living in the Taj Mahal of mobile homes the depreciated value has probably reached the point where it's at scrap value. However mobile home policies do have coverage for Contents and Liability, which are important as well, so it's still worth considering getting a policy.

  14. QUESTION:
    On average, how much does home owners insurance cost?
    I'm filling out somethings for a project for one of my classes. I do not at all need this number to be accurate, I am not going to go and speak with an insurance agent, I just need a number that is about what I would be paying forinsurance if I bought a house.

    • ANSWER:
      There really isn't an "average" price. Premiums vary from about 0.5% to 2.5% of the homes value, based on location, construction, discounts applied, etc. If I were using a ball park figure without knowing any details, it would be 1% of the value. i.e. A 0,000 home would be ,000.

  15. QUESTION:
    Do I have to have my flood insurance cover the amount equal to the cost of my new home?
    Can I just pick the lowest amount of coverage? Say my home costs 72,000 can I get the insurance that will cover up to 35,000 in damage to the building? I have to have flood insurace if I buy this house because its in a high risk flood area, however it is supposed to be coming out of the flood plain later this year, so I really just want the flood insurance that will cost the least. Any adivce?

    • ANSWER:
      No. Actually, in some cases, you can't do that.

      Flood insurance is funny - it's completely controlled by the National Flood Insurance Plan, a division of FEMA. You HAVE to follow their rules.

      You cannot just insure for the "lowest amount of coverage", aka, the mortgage balance on the house. You will have to insure for 80% of the replacement value of the house (you do NOT have to insure contents!), but there is a maximum dollar amount that you can insure - I THINK it's 0,000 for a single family home, but it's been a while.

      You can't just pick ,000 to insure the house (say, the loan balance) because the flood policy has an 80% coinsurance clause. That means, if you only partially insure the house, they only partially pay the claim. So, if you had a claim, with ,000 of damage, they would pay . . . not ,000 less your deductible, but closer to ,000 which leaves the bank holding a note on a house that YOU can't afford to repair, and they don't want to end up owning it!

      Flood rates and terms are set by the federal government, so there isn't any negotiation room.

      **Also. Check with your mortgage company. Just because your area *might* be re-rated (ok, it will LIKELY be rerated, but that doesn't mean you won't be in a 100 year flood plain any more!), that does NOT change the original terms of the mortgage. So if the ORIGINAL mortgage terms require that you buy flood insurance, THOSE TERMS DON'T CHANGE WHEN YOUR AREA IS RERATED. You'll have to get another mortgagee, if you're not going to be in a 100 year flood zone. Additionally, if you DO decide to change mortgages, keep in mind that when you CANCEL your flood policy, you do NOT get a refund on any unearned premium, unless you can prove you sold the house. Being changed from a flood zone A to a B, meaning you don't "have" to carry flood insurance, does NOT allow you to cancel the policy and get any kind of refund, and you are NOT eligible for a re-rate until the renewal date.

  16. QUESTION:
    How much does home insurance typically cost monthly with a single family home?

    • ANSWER:
      If you've never made a claim on home owners insurance, 0 a year is a good average-- which makes it a month. If your house is particularly large or has features like sheds, a fireplace, etc, the replacement value goes up, so the premium goes up.

  17. QUESTION:
    What is the average cost for home owners insurance in illinois?
    I'm trying to get average cost of insurance for the south and southwest suburban areas of the chicago area.

    • ANSWER:
      mine is 0 yearly through american family

  18. QUESTION:
    how much aproximately does it cost for liability insurance to run home piano teaching business.?
    I read you can add something called an endorsement to your home owners insurance policy to cover extra liability of running a home bases business. I plan on teaching approx. 15 students and am in California, anyone have any idea how much the Business extra insurance would cost?

    • ANSWER:
      Not all companies will do that, and the price varies by state. My mother is a piano teacher, and Erie Insurance charges her 0 a year, on an endorsement to the homeowners policy.

      But I don't believe Erie writes in California.

  19. QUESTION:
    What is the typical additional cost of home insurance when you have a woodstove and what do they do if they fi
    nd out that you had one and your house burned down because of it? Can you just say, "I forgot."?

    • ANSWER:
      Some homeowners policies surcharge - for a wood stove, some don't surcharge for it.

      The application specifically asks, "Is there a wood stove?". It's pretty darn hard to "forget" that you have one on that application. In a case like that, if your house burned down, they can (and will) deny the claim and cancel the policy for material misrepresentation. Which would be bad.

  20. QUESTION:
    How much is home insurance for a log cabin in North Georgia?
    I'm interested in purchashing a log cabin in the North Georgia mountains. How much would home insurance cost if the home is approximately 0,000?

    • ANSWER:
      Found this info
      "Homeowner's insurance is no more expensive for a log home than for any other type of wood or wood framed home (that includes brick homes)."

      I guess to be sure, you could call a company?

  21. QUESTION:
    Home insurance costs in Hernando County Florida?
    Looking at homes in Hernando county Florida, does anyone have an idea of what home insurance and taxes cost?

    • ANSWER:
      You go to the property tax website, to get the taxes for each house. And you can ask the real estate agent what the current homeowner pays, when you look at each house.

      I can tell you, it's the highest rates in the country. You'll need three policies - wind, flood, and homeowners. If you buy a modest 1200 square foot home, the insurance for all three policies combined, will probably run you damn close to ,000 a year.

      That's one of the reasons property values have fallen so sharply in Florida in the past few years.

  22. QUESTION:
    does the cost of home insurance increase if you get a pool?
    I live an ohio and want to buy a house with in above ground pool

    • ANSWER:
      i have an in-ground pool and was kind of curious of the same thing so i did some research. yes it does increase your policy premium. how much depends on a lot of circumstances. check it out:

      http://www.faqfarm.com/Q/How_does_having_a_pool_affect_homeowners_insurance
      http://www.insurance.com/Article.aspx/New_Pool__Your_Homeowners_Policy/artid/169

      i think i may increase my liability coverage.

  23. QUESTION:
    What would be the average cost on home insurance?
    just an estimate, i have no clue is it 30$ a month, 100, 200, 300, 500?

    • ANSWER:
      depends heavily on where and what is covered.

      example: the 3/2 house we used to have in AZ had a 28,000 gallon pool and our HO was about 40/month {pool = attractive nuisance to small children with drowning risk}

      here in South Florida, it is not unusual for HO on a 3/2 to be 750/month without a pool -- 20 times the AZ rate.

      ***
      So. Florida has hurricanes, AZ does not. makes a huge difference in rates.

  24. QUESTION:
    How much would be an average 'home insurance policy' cost in Orlando area in Florida for a home worth 0K?
    house built in 2005, located in Kissimme, Orlando, Florida.

    • ANSWER:
      00

  25. QUESTION:
    home insurance?
    what should insurance cost for a 220000 dollar home in dover nj plus 20000 coverage for persoanl possesions

    • ANSWER:
      Well, it's ALSO going to depend on what the house is built from, how far from a hydrant, your credit score, how old the house is, what updates have been done, and your claims history AND the claims history of the house.

      You're NOT going to get THOSE limits. The minimum personal property limit is 50% of the dwelling limit - so you're looking at 0,000. The PREMIUM is based on the cost to rebuild the house - and all of the above I listed.

      You're going to have to call a local, independent agent to get real quotes. If it's REALLY 0,000 for the cost to rebuild, no claims, and great credit, I'd guess it's going to run between ,000 and 00 a year, depending on what other "extras" you need to add to the policy.

  26. QUESTION:
    what is the average cost of home owners insurance in minnesota?
    I just want to know about how much insurance is a year.

    • ANSWER:
      Get a quote over the phone, If you know your new address.

      1-877-855-8111
      Pin- MTKB4
      Agent- Reilly
      Not available in all States

  27. QUESTION:
    how much would home/renters insurance cost?
    i need an average for a project in doing..
    thanx. :)
    how much would it cost in illinois?

    • ANSWER:
      HomeOwners Insurance varies from home to home. It depends on the suare footage of the home, year built and other home characteristics.

      Renters insurance is much cheaper. Id say no more than 0 a year for decent coverage.

  28. QUESTION:
    How much does homeowners insurance cost on a home in South Jersey?
    House is going to be 0,000

    • ANSWER:
      It’s hard to say without knowing more details. The best way to find out is to contact an insurance broker in South Jersey. A broker works with several companies and can help you find the best rate. To find a homeowner’s insurance broker knowledgeable about your area, log on to a website like http://www.homeownerswiz.com and fill out the form requesting a quote. You will be contacted by a broker in your area. Your information cannot be resold or used for any other purpose, so your privacy is assured. Plus, you are not obligated to buy. Good luck!

  29. QUESTION:
    Insurance cost- Home Depot?
    Does anyone know how much their health insurance cost with Home Depot for an Assoc. + spouse per month?

    • ANSWER:
      It's going to vary, depending on which state you live in, which plan you select, and if your spouse has insurance available through their employer (it costs more to add a spouse, if they can have their own coverage elsewhere).

  30. QUESTION:
    Can I reduce my Home Insurance cost after two claims>?
    LAST YEAR I HAD TWO CLAIMS DUE TO A FIRE ON MY GARAGE. ONE I HAD TO REBUILD THE ENTIRE GARAGE, THE 2ND WAS JUST MINIMAL DAMAGE, BUT IT STILL RREQUIREDPAYMENT, I BEEN SHOPPING AROUND FOR HOME IINSURANCE BUT EVERYONE GIVES ME DOUBLE THE RATES I HAD BEFORE. I NOW PAY 2,400 A YEAR, WHO CAN TAKE ME FOR MUCH LESS. SEEMS LIKE THE COMPANIES TALK TO EACH OTHER. I NOW HAVE ALL STATE, PLEASE HELP!

    ANYONE SELL CHEAP HOME INSURANCE

    • ANSWER:
      Would you want to insure someone who has two fires in one year? You are just going to have to suck it up and pay the high premium due to your inability to not set your house on fire.

      And of course the insurance companies talk to each other. How else would any company verify that there were claims made. It is called the CLUE system (Comprehensive Loss Underwriting Exchange), and if it didn't exist then people could switch companies after every claim and never pay a higher rate.

      00 a year seams like a bargain, no matter the value of your home, for someone who has had an entire garage replaced.

  31. QUESTION:
    What is the average cost of home owner insurance in Houston, Texas?
    I know this varies and are based on different factors. I am just seeking an average - thanks!

    • ANSWER:
      depends on the amount of the home for example my house when i purchased it was 96,000.00. so the home owners insurance is about 950 a year. its all on how much coverage you want to get say like if your house caught on fire you want to fully be able to pay for the house right. so the maximum would be best plus it covers like contents and personal property..

  32. QUESTION:
    what is the average cost of mobile home insurance in Florida?
    Is it higher in different areas

    • ANSWER:
      I don't know off hand but I would say that it would be extremely high if you live by water because of all the hurricanes. Inland is probably cheaper.

  33. QUESTION:
    How much is it going to cost me for home owners insurance? Houston, Tx?
    I am looking to buy a house in Houston, Texas. Spring area, Humble, Woodlands, maybe a little farther south. What is home owners insurance like and the taxes on average? What will a 150,000 mortgage payment be? I will be putting 8 grand down.... New to the area, looking for help. Thanks

    • ANSWER:
      You can easily check your quotes in internet, for example here - homeinsurance.awardspace.us

  34. QUESTION:
    Home Insurance/Replacement Cost of Manufactured Home?
    Is it normal for a manufactured home to have a lower replacement cost limit calculated from a cost estimator than a normal home?

    • ANSWER:
      Yes.

      Manufactured homes, also known as mobile homes, or trailer homes, DEPRECIATE in value, to the point where after 25 years, they are worth NOTHING.

      Stick build homes, however, do NOT depreciate in value under stable real estate market conditions.

      Prefab homes, are considered to be the same as stick built.

      You cannot use a replacement cost estimator to calculate the replacement cost of a trailer. You have to use Blue Book, Kelly, or some other vehicle calculator.

  35. QUESTION:
    I want to know why a 1969 mobile home in fla cost 00 a year for insurance, but a 4 bd home cost the same?
    will the insurance commisioner help with this? I have a rental and it only cost 0 a year to cover but since I moved in it now cost 00 a year to cover..this seems very unfair.

    • ANSWER:
      Unfair? Possibly - yes. Can the insurance commissioner help? No.

      Insurance rates are all filed and approved by the department of insurance.

      In a nutshell: a mobile home is more likely to be damaged / destroyed that a single family home. Especially one that is 30 yrs old, as those built back then are not considered as "sturdy" as ones currently being built.

      Also, a rental property that is insured has limited coverages, compared to one that is owner-occupied.

      Part of the problem, is FL is one of the most heavily regulated states in the country. Rates are mandated and controlled by the legislative bodies of the state government. As a result, many companies over the past 10 yrs have decided to leave FL and not do business here (see recent events on State Farm, as a prime example). Hence, there are less companies to choose from. FL is a sad example of supply & demand.

      Hope that helps shed some light. I do agree, though - not fair at all.

  36. QUESTION:
    where can i get low cost home owners insurance for a house in dade county florida?

    • ANSWER:
      I'm from Miami & was having trouble finding a home policy. Other than Citizens the best I found was at: http://www.insureme.com/landing.aspx?Refby=613178&Type=home

  37. QUESTION:
    What companies have good car & home insurance at a low cost?

    • ANSWER:
      There's no single company that has the BEST rates for EVERYONE, and there's no shortcut - to find the best rates for you, you have to shop around.

      Having said that, USAA is very competitive, if you can qualify, and I LOVE Erie insurance. Travelers is great, too. My personal insurance is with State Farm, because their COVERAGE is best, but it's very, VERY pricey.

  38. QUESTION:
    Can I reduce my Home Insurance cost after two claims>?
    LAST YEAR I HAD TWO CLAIMS DUE TO A FIRE ON MY GARAGE. ONE I HAD TO REBUILD THE ENTIRE GARAGE, THE 2ND WAS JUST MINIMAL DAMAGE, BUT IT STILL RREQUIREDPAYMENT, I BEEN SHOPPING AROUND FOR HOME IINSURANCE BUT EVERYONE GIVES ME DOUBLE THE RATES I HAD BEFORE. I NOW PAY 2,400 A YEAR, WHO CAN TAKE ME FOR MUCH LESS. SEEMS LIKE THE COMPANIES TALK TO EACH OTHER. I NOW HAVE ALL STATE, PLEASE HELP!

    • ANSWER:
      Two claims in a year makes you a high risk. Yes, the companies do "talk to each other" through CLUE reports.

  39. QUESTION:
    Why does wind damage coverage cost more for home insurance within 1500 to 2500 feet of the coast?
    I was told that some companies won't even insure you in that locale?!

    Are there more claims for that area for wind damage? I would think many inland areas get higher winds than some near the coast, especially high areas?

    • ANSWER:
      Because hurricanes are typically at their strongest - class 4 or 5 - right when they come in from the water. By the time they hit inland, they're down to class 1 or 2, or even tropical storm strength.

      MOST insurance companies will not write a homeowners policy with wind coverage on a home within 5 miles to 20 miles of the coast.

      The wind damage from hurricanes is about 25X the wind damage from tornados.

  40. QUESTION:
    how much does the home owners insurance cost in south florida coral springs?
    i am thinking of buying a single familyhome in coral springs zip code 33063 how much does the home owners insurance cost in south florida coral springs area ,
    the cost of the home is 340,000

    • ANSWER:
      I live in South Florida so I know for a fact that it is about 2% - 2 1/2% of the insured value of the home.
      However I am paying about 1.25% of the Insured value of my home because I found ways to to get discounts on my Homeowners Insurance.

  41. QUESTION:
    What is the cost of Home Owner's Insurance?
    I'm going to be buying a home and would like to know if anyone knows what the approximate cost would be for HO Insurance? I already have Renter's Insurance, and would like to know if the price difference is dramatic or not.
    The home is 1902squ. feet, 4 bedroom, built in 2006,I am purchasing the home for just under 0,000, it is worth a lot more than that, as its a foreclosure.

    • ANSWER:
      Homeowners insurance is usually much higher than your Renters policy.

      Homeowners prices vary by credit, location, what kind of deductible you want, whether you have any claims, if you have an auto with the same company (you can get a multi-line discount) and what the replacement cost of the home is.

      Just like previously mentioned, the insurance is based off what is cost to rebuild your home, not how much you paid for it. Insurance companies have a tool that they can use to find out an estimate of your home replacement value. They will ask you questions such as square footage, year built, how many beds/baths, how many stories, unfinished or finished basement, ect...

      I work for an insurance agency in IL, so as an estimate for my area.

      The average i see for homeowners policies are between 450-800 a year, for homes under 250,000. The average renters policy in our area is between 100-200 a year. Of course this does not really help you if you are not in my area.

      I would suggest getting a quote through the company that you have your renters policy through. Since you have a policy currently they maybe able to transfer that policy's money to the home. Also they can transfer the amount of time that you've been with them to the home, so that if you have a claim it shows you've been with them longer! :)

      Good luck!

  42. QUESTION:
    Difference in insurance cost between a concrete block home and a frame home.?
    Yes tell me how much more to insure a frame home. thanks.

    • ANSWER:
      If you want someone to say , it's not going to happen.

      Construction is only ONE of the factors that goes into the rating. Protection class, age of the building, territory, and your credit score, will have MUCH more influence on the rates, than the construction of the building.

      Sorry. You're not going to get a valid answer.

  43. QUESTION:
    What is the average cost of home health care business insurance?
    I am attempting to open an home health care business and I need to know what is a good business insurance quote.

    • ANSWER:
      For the general liability, about 00. For professional liability, 00 for the first two providers, ,000 for every provider after that. For workers compensation, 25% of payroll or subcontracted amount.

  44. QUESTION:
    With the high cost of insurance and the low home values is it worth losing your home to carry medical insuranc?
    Which would you chose; to go in debt to pay for insurance in case something happens so you do not lose your home? Or not pay for insurance and hope to god nothing happens bad enough to make you lose your home anyway by not having insurance?
    If you had to pay your insurance and do not currently how would this affect you, and what would you do?

    • ANSWER:
      Insurance of all kinds is a gamble. You are trying to protect yourself from a "bad" event. Often when that bad event happens the Insurance Companies do their best not to offset your loss by denying your claim on a technicality. This is true of all Insurance of all kinds. Blue Sheild of California has just lost a court battle for canceling policies on technicalities as soon as a policy holder needed the coverage to cover an illness or injury. They must reinstate thousands of such policies and reimburse those clinents for their out of pocket expenses. But while they battled it out in court how many of those policy holders lost EVERYTHING because they did not have the money to pay those medical bills they thought they were protected form? How many died because their incomes could not cover expensive treatments?

  45. QUESTION:
    home insurance... premium = cost of replacement, or safety features?
    I'm looking at my renewal papers, and I see errors. An example is siding, it says wood/vinyl.. but my siding is hardy plank. I'm thinking "wood/vinyl burns more easily than hardy plank. In that sense, it should lower my premium. However hardy plank is more expensive to replace than wood/vinyl.

    So, when people insure you, do they go by cost of replacement, or by safety features? Just wondering what the bottom line is.

    • ANSWER:
      They go on replacement cost. BTW, the majority of fires are interior, so the hardy plank is only marginally relevant for safety.

  46. QUESTION:
    Can somene estimate how much flood insurance would cost for a home on the south shore of long island?
    I am looking at homes on the South Shore of Long Island, in Nassau County (Massapequa, Seaford, etc). Would anyone know a balllpark figure (I know an extact estimate cannot be given) for a home in the 0,000-0,000 range in this area?.

    • ANSWER:
      You can't buy that much flood insurance for a private home. Doesn't exist.

      But you need to talk to some local agents, it's going to depend on a variety of factors. It wouldn't surprise me if your 0,000 of coverage costs around ,000 a year.

  47. QUESTION:
    Home Insurance replacement cost?
    Anyone have any idea how insurance companies figure out what it would cost to rebuild an entire house if it burned down or blew away...I live on long island....I would assume it is the square footage multiplied by a cost per foot....any ideas what the actual cost per foot is today????

    • ANSWER:
      I'm sure there is a mathematical formula somewhere, but when I was still writing home insurance we took all the information (either rooms or square footage information), plugged the details into an "estimator" and got a value. There is a standard estimator that most companies use, and there is probably a copy available somewhere on the web.

      You can't just use straight square footage, because you have to consider bathroom fixtures, finished vs. unfinished basement, add-ons (built-in ovens, ceiling fans, central air, etc) too.

  48. QUESTION:
    What is the initial cost and monthly cost would it be for an auto and home insurance policy?
    The vehicle is a 2006 Ford Explorer XL and the square footage of the home is 22,548

    • ANSWER:
      Its hard to tell you because it depends on a lot of factors, try this site

      http://quoteinsurance.notlong.com

      here you can get quotes from different companies for auto and home.

  49. QUESTION:
    How much does it cost to get home remoldeling/contractors insurance and licensing in texas?
    I am planning to move to Texas and currently am part of a company here in New Jersey. My boss wants to open a second part of the business down south with me. I can't find anything online as far as prices. Does anyone know how much it would cost to get licensed and insured as a remodeling company?

    • ANSWER:
      You can easily check your quotes in internet, for example here - homeinsurance.awardspace.us

  50. QUESTION:
    How does global warming effect Health care and the cost of Insurance?
    More than 20 years ago I was told that one of the first signs of a changing climate would be the raising costs of insurance and health care.

    Health care now has become a political debate because of the raising costs.

    My home insurance has gone up again nearly 10%

    • ANSWER:
      Insurance companies are all over this situation. These people actually have money bet on this situation and because of that they've been inclined to stay current on all of the data, the science and the physics of this slow but steady warming trend. They KNOW that unless they're very careful they will lose billions of dollars due to claims. These people aren't fools. Insurance companies are CERTAIN that climate change caused by burning fossil fuels and deforesting is a direct cause for rising temperatures and the resulting intensification of weather phenomena of all kinds. This increase in the number and intensity of hurricanes, tornadoes, rain and snow storms, flooding and crop losses has already been incorporated in insurance rates. Even health insurance has taken a hit...not so much yet in the US, but in other parts of the world where increased exposure to tropical insect borne disease is on the increase. Malaria in mid west? Insurance companies see this coming and it will be a giant expense. Type in Insurance and climate change. You may not believe Al Gore, but you can't discount Swiss Re.


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