Home Owner's Insurance!!!!!!!!!!!!!!!!!!!!!!!

[Anonymous]

Ok, so my loan officer gave us full run down on cost/monthly amount. Of course she only put $75/month for home insurance. Well, I called today to get a insurance quote since I am suppose to give her the name of insurance company we want to use. I was quoted about $180/month!!!!!! This is my first home so I have never had home owners insurance. I DID NOT expect it to be that high!! So that means our mortgage will be higher since insurance cost is included... I'm so disappointed. Tomorrow I will be making more calls to get more quotes. I feel like saying SCREW ALL OF THIS!!!!

[Anonymous]

I would get qoutes. It really depends on how much your loan is. My bank wanted 20% of the loan plus what I wanted for my stuff. With my car ins  is bundled with hoi the car is $880 and home ins my is $365 a year and I picked a hired quote because I liked the company better.

[StartingOver10]

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@Anonymous wrote:

I would get qoutes. It really depends on how much your loan is. My bank wanted 20% of the loan plus what I wanted for my stuff. With my car ins  is bundled with hoi the car is $880 and home ins my is $365 a year and I picked a hired quote because I liked the company better.

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Also it depends on where you are geographically. If you are in Fl it is completely normal to have an insurance cost of $2400 or more (much more) per year. 

Where are you OP?

[coterotie]

Shop around.  Easy to have a $4,000 swing between companies.  We have one house with USAA and the other with a local independent agent.  Farmer's wanted nearly $6,000 with a $20,000 deductible for a policy we ended up getting for $880 per year with a $500 deductible.  Play with the deductibles as well.  Get the highest deductible they will accept for the mortgage to help with your qualifying, then move it to something you can live with after you close.

[ezdriver]

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@StartingOver10 wrote:

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@Anonymous wrote:

I would get qoutes. It really depends on how much your loan is. My bank wanted 20% of the loan plus what I wanted for my stuff. With my car ins  is bundled with hoi the car is $880 and home ins my is $365 a year and I picked a hired quote because I liked the company better.

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Also it depends on where you are geographically. If you are in Fl it is completely normal to have an insurance cost of $2400 or more (much more) per year. 

Where are you OP?

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I beg to differ on that $2,400 HOI as I've never seen that in the 4 yrs that I've been selling homes in Northeast Florida. Mine is $528/year. When I lived in CT, it was closer to $1500/yr. For $2,400/year, I want to know what the purchase price is.

[ezdriver]

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@Anonymous wrote:

Ok, so my loan officer gave us full run down on cost/monthly amount. Of course she only put $75/month for home insurance. Well, I called today to get a insurance quote since I am suppose to give her the name of insurance company we want to use. I was quoted about $180/month!!!!!! This is my first home so I have never had home owners insurance. I DID NOT expect it to be that high!! So that means our mortgage will be higher since insurance cost is included... I'm so disappointed. Tomorrow I will be making more calls to get more quotes. I feel like saying SCREW ALL OF THIS!!!!

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WHat is your purchase price and location of the house you are buying?

[Anonymous]

Texas. Dallas/Fort Worth area

[StartingOver10]

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@ezdriver wrote:

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@StartingOver10 wrote:

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@Anonymous wrote:

I would get qoutes. It really depends on how much your loan is. My bank wanted 20% of the loan plus what I wanted for my stuff. With my car ins  is bundled with hoi the car is $880 and home ins my is $365 a year and I picked a hired quote because I liked the company better.

---

Also it depends on where you are geographically. If you are in Fl it is completely normal to have an insurance cost of $2400 or more (much more) per year. 

Where are you OP?

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I beg to differ on that $2,400 HOI as I've never seen that in the 4 yrs that I've been selling homes in Northeast Florida. Mine is $528/year. When I lived in CT, it was closer to $1500/yr. For $2,400/year, I want to know what the purchase price is.

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Purchase price $200k to $250k.  

I am in S Florida. There is no comparison in rates from my area to your area.   Our rates here are enormous. Jaxsonville is very north end of the state and not subject to our rates here (apparently).  Haven't seen your insurance rates in decades in our area. It is comparing apples to oranges. 

I asked were the OP was located geographically. I haven't seen a response yet.    

Oops! I see the OP replied. 

For Dallas Ft Worth that sounds like the OP needs to do two things:

• shop rate
• find out if there are any items that can reduce the insurance premium (here there would be wind mitigation reports, I don't know what Dallas would have but an insurance co would know)..  

[Anonymous]

Location is Texas, Dallas/Fort Worth area. Purchase price $178,000.. The house was built in 1979 but has been remodled. New roof, 2013. Brand new HVAC.. This is my first home so the sales rep told me that it is more expensive because I have never had home owners insurance and because the house is old...?

[StartingOver10]

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@Anonymous wrote:

Location is Texas, Dallas/Fort Worth area. Purchase price $178,000.. The house was built in 1979 but has been remodled. New roof, 2013. Brand new HVAC.. This is my first home so the sales rep told me that it is more expensive because I have never had home owners insurance and because the house is old...?

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Read this link to start your research: http://www.dallasnews.com/investigations/watchdog/20140111-watchdog-20-ways-you-can-save-money-on-your-homeowners-insurance.ece

Sounds like the ins rep didn't take into account your new roof or other factors that may reduce your rate. 

I would definitely look for another ins co.

EDIT:  Consider contacting an independent insurance broker. They are excellent in high cost areas like yours and mine - you get to see the most coverage for the lowest rate of the top 5 or so insurers.  I have one co here that checks 110 insurance companies and then you as the consumer selects the one that you want - based on premium rate and coverage.