Ethelrapp, Renter in Brooklyn, NY

I am interested in buying after reading your reports, but I am freaked out. One thing I'd like to learn is how to lower homeowners insurance costs?

Asked by Ethelrapp, Brooklyn, NY Thu Apr 4, 2013

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Trevor Curran’s answer
BEST ANSWER
Good morning Ethelrapp,

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.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Mon Apr 8, 2013
Put higher down payment on the house logicly more money you own on the house higher inshurance will be
1 vote Thank Flag Link Wed Apr 10, 2013
Put higher down payment on the house logicly more money you own on the house higher inshurance will be
0 votes Thank Flag Link Wed Apr 10, 2013
Controlling your insurance cost is dependent on many factors and your really need to speak with a couple of Insurance agents and find someone your comfortable with. Make a checklist of what you want in the policy and advise your agent what you want and what your looking for. Take into account he should advise you what the state may require and what may be required by your Bank.. Good Luck George
0 votes Thank Flag Link Thu Apr 4, 2013
Dear Ethalrapp:

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!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Apr 4, 2013
Shop around get one are two quotes to compare and make sure you're clean on what each company covers under their policy. Give me a call or send me an email if you have more questions.

Thank you
Jermaine
Jermaine@lucienperry.com
718-541-5293
0 votes Thank Flag Link Thu Apr 4, 2013
When it comes to homeowners insurance why not shop around for free quotes....
0 votes Thank Flag Link Thu Apr 4, 2013
Hi! That used to freak me out too, I understand completely. I found this useful: http://publications.usa.gov/epublications/12ways/12ways.htm

Take a look!

Crags
0 votes Thank Flag Link Thu Apr 4, 2013
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