For the past several years, I've referred my home buyer clients to Ed Wise of Wise Insurance Group in Dallas. He is responsive, respectful, and shops various carriers to find clients the very best deal. My clients rave about the customer service and savings that they received. Ed is super-knowledgeable, and from reading his blog I've learned a lot about various insurance topics myself. Here's the link: http://wiseinsurancegroup.com/blog/
Any questions for me? Just yell. email@example.com or http://www.johnbrooks-realtor.com Thanks!... more
We use an estimate of 1/2 to 1% of the value of the house to give people an idea of what insurance will cost, but that's not a promise.
A lot of factors go into the quote you'll get:
1. Value of the Property
2. Amount of the Deductible (fixed $ amounts are usually higher than 1% or 2%, but look out!)
3. Other risk factors (some companies check your credit to decide your risk) and you might have a pool or live in certain zipcodes with higher losses.
4. Inflation protection
5. Straight insurance or replacement cost - are they going to pay you back at depreciated value minus deductible or at replacement cost? If your straight coverage is too low, will you be subject to co-insurance payment?
The point about deductibles cannot be overemphasized. If your roof is heavily damaged by wind or hail, how much will you be out of pocket? A 2% deductible policy may be cheap, but your $6,000 roof will take $2200 out of your pocket if your house is valued at $110k.... more