Homeowner's Insurance

[Anonymous]

We are buying a restored farm house, 2800 sq ft, new roof, all new electrical, new hvac system, all new stainless steel appliances, new cabinets, new front load washer dryer, fully insulated, two gas log fireplaces, two out buildings, 6 seat hot tub, wrap around porches, lots of nice upgrades, yay. Purchase price 150,000, Appraised for 165,000.

Called our insurance agent and was quoted a replacement policy of up to 196,000.00 @ 975.00 a year, 1000.00 deductible. My LO said that was high and she got a quote of 720 a year with same deductible for 167,000. We didn't have time to obtain any more quotes today.

Ok, what do y'all think? I want to be fully covered but don't want to pay too much. I really have no idea what to expect or how to do this.

Thank you for any help.

[Anonymous]

Correction. Purchase price is 155,000.

[JM-AM]

Call several insurance companies on phone. They can give you a quick quote.

Just like anything else you have to compare one offer to the other. 

[dabrian]

Im covered up to $213000 with $1000 deductible and Im at $490 a year with MetLife. That price is with discounts given for car ins policy with them and also a discount with my employer.

[MrChairman]

Insurance is one of those animals that will never be the same for any two people. You and your neighbor can have an identical policy and you could possibly still pay more. Most insurance companies today base rates off of credit reports and prior claims histories. And your higher rate most likely covers some BS you don't even need and the lower end might just have the bare minimum and not cover you 100%. Just food for thought.