Don't be freaked out. Homeowner's Insurance turns out to be relatively affordable here in the NY Metro region. For Single Family and Two Family homes I am seeing my clients obtaining policies with annual premiums ranging in the $1200-$1500 range. (Prior to Superstorm Sandy I saw annual premiums lower). And my clients are shopping for their insurance with many and varied Insurers.
In terms of monthly payment that means a difference of $25, so there's no reason to be anxious.
Note that in New York State a Lender cannot require you to obtain insurance coverage higher than "replacement cost" of the property as stated on the Appraisal. This helps to make insurance more affordable in my experience.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Don't be freaked out. Homeowner's insurance is relatively inexpensive. Just factor in the cost of it when you prepare your budget to purchase. You need to figure out how much you can borrow and how much it will cost you every month to own the home. As long as you stay within your budget you willl do fine. If you need further assistance, please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
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