Home Insurance in Clayton>Question Details

Tasharw, Home Buyer in Englewood, OH

I'm shopping for rates on home owner insurances and just about all of them are quoting me over $100 month for a policy. This is so frustrating,

Asked by Tasharw, Englewood, OH Sun Mar 4, 2012

HELP! I'm in the process of getting financed for my first home. It will be a fha loan so I will need home owner insurance. These quotes seem very high any advice? Thanks in advance.

Help the community by answering this question:


You don't say what price home you are buying so it may be completely in line (particularly because several of them have quoted you nearly the same price). One thing to consider is that homeowners insurance typically is based on the reconstruction or replacment value of the home which is typically higher than your purchase price. The insurance also coveres your stuff on the property and usually some general liability.

Ask the agents why the quote is higher than you expected and if there are any options that can lower the premium. Higher deductibles and being a non-smoker can lower the deductible.

There are unfortunately some things that can drive the price up on a particular home or area you can do nothing about. Crime rates, proximity to the fire department, type and rating of the fire department, frequency of storm damage in the area, etc.

In addition the insurance industry keeps a history of the home (it's called the CLUE database/CLUE report). This information will be used to calculate the risk of insuring this particular home. Claims in the homes past will cause the insurance to go up even for other owners in the future. The home you are buying may have a bad history insurance wise.

Ask your agent why and keep shopping around. Check into things that could lower the payments such as a higher deductible or paying the premium every 6 months instead of monthly. Ask others in the neighborhood what the general premium is in the neighborhood and who they got there insurance from. There are a lot of sites that will give you multiple quotes online as well.
0 votes Thank Flag Link Mon Mar 5, 2012
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