Jim C, Home Buyer in

how much does home owners insurance cost per month? (on average in Northampton, MA)

Asked by Jim C, Thu Jul 12, 2007

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The Homeowners carriers in Louisiana are sadistic. Because I had forced insurance prior, It now, as of January 2013, costs me $22.00 / day (that's right, per day) including both homeowners and flood insurance. Many Insurance companies are worse bottom feeders than some of the bad lawyers. So whatever your Mortgage note is, add $300 to 500 bucks per month. Oh and don't forget about property taxes, termite treatments and utilities. In Louisiana the average 3 bath house used to be homestead exempt {$75k). With inflation of property values the tax is running over 1 large ($1,000.00) per year.
In other words, you are making somebody rich but it ain't you.
1 vote Thank Flag Link Thu Jan 24, 2013
HOW MUCH HOMEOWERS INSURANCE COST ANNUALLY ON A HOME THAT COST 260000
0 votes Thank Flag Link Thu Jun 26, 2014
Jim,
There are so many variables that go into an insurance premium. The property condition, knob and tube wiring, pools, past claims to name a few. You may also be a variable in the form of your credit score. I would check with a local insurance provider who will be able to point you in the right direction.
0 votes Thank Flag Link Sun Sep 9, 2012
There are a couple of factors that would affect the cost. Replacement cost of the home which is determined by the type of building materials used to build the house, territory or zip code, your insurance history such as insurance score and claims history if any, and a few other factors depending on the company. Its always best to get a couple quotes and compare not just rates but also coverage. Some policies are broad form and some are special which are very different contracts. You really need to get some quotes from insurance agents and compare them. Its a bit of work but hopefully the company you get insured with is the one you keep for a while.
Web Reference: http://myinsurancenerd.com
0 votes Thank Flag Link Thu Jul 12, 2012
You can get quotes for free very easily! Like a mortgage, try a diverse range of providers. Something local, something national, something borrowed and something blue!
Web Reference: http://www.ethankramer.com
0 votes Thank Flag Link Mon Nov 15, 2010
The average insurance could be as low as $350 for small ranch on up. The estimate of $1100 is very high for our area that would be a large property and home.
0 votes Thank Flag Link Tue Oct 27, 2009
Some ways to help you lower your potential homeowner's insurace premium include the following: 1. Be sure to shop around. It'll take a few phone calls, but they could save you a good sum of money. Ask your friends, check the yellow pages or call your state insurance department. Also check consumer guides, insurance agents and companies. This will give you an idea of price ranges and tell you which companies or agents have the lowest prices. But don't consider price alone. The insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, but it provides added conveniences, so talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial ratings of the companies, too. Then, when you've narrowed the field to three insurers, get price quotes. 2. Raise your deductible.
Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay according to the terms of your policy. Deductibles on homeowners policies typically start at $250. By increasing your deductible to $500, you could save up to 12 percent; $1,000, up to 24 percent; $2,500, up to 30 percent; and $5,000, up to 37 percent, depending, of course, on your insurance company. 3. Buy your home and auto policies from the same insurer.
Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. 4. When you buy a home... Consider how much insuring it will cost. Because a new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house, insurers may offer you a discount of 8 to 15 percent if your house is new. Check its construction, too. Brick, because of its resistance to wind damage is better in the East; Frame, because of its resistance to earthquake damage, better in the West. Choosing wisely could cut your premium by 5 to 15 percent. Avoiding areas that are prone to floods can save you $400 or so a year for flood insurance. Homeowners insurance does not cover flood-related damage. If you do buy a house in a flood-prone area, you'll have to buy a flood insurance policy, too.
Does your town have full-time or volunteer fire service? And is your house close to a hydrant or fire station? The closer your house is to firefighters and their equipment, the lower your premium will be.
5. Insure your house, not the land. The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should. 6. Beef up your home security. You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police station or other monitoring facility. These systems aren´t cheap and not every system qualifies for the discount. Before you buy such a system, find out what kind your insurer recommends and how much the device would cost and how much you´d save on premiums. 7. Stop smoking. Smoking accounts for more than 23,000 residential fires a year. That´s why some insurers offer to reduce premiums if all the residents in a house don´t smoke. 8. Once you retire... Retired people stay at home more and spot fires sooner than working people. Retired people have more time for maintaining their homes, too. If you´re at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. 9. See if you can get group coverage. Alumni and business associations often work out an insurance package with an insurance company, which includes a discount for association members. Ask your association´s director if an insurer is offering a discount on homeowners insurance to you and your fellow graduates or colleagues.
10. Stay loyal to your insurer. If you´ve kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more.
11. Compare the limits in your policy and the value of your possessions at least once a year.
You want your policy to cover any major purchases or additions to your home. But you don´t want to spend money for coverage you don´t need. If your five-year-old fur coat is no longer worth the $20,000 you paid for it, you´ll want to reduce your floater and pocket the difference. Hope this helps. My best, John Allaire
0 votes Thank Flag Link Fri Jul 13, 2007
Hi,

There are a lot of variables that can effect the price of homeowner' s insurance ex.) age of the home, age of the roof, age of the furnace, prior insurance claims associated with the home and prior insurance claims associated with the homeowner. The size and the features in the home have a tremendous impact as well. That being said, or a median sized home in good condition with no major flaws and no claims against the house or the owner, you can expect to pay in the range of $70 per month. If you are new to a purchase than just an F.Y.I. your first year insurance needs to be paid up front in full to get a binder to bring to closing. Hope this helps.

Bobbie Files
Keller Williams Realty
508-238-5000 x.296
bobbiefiles@kw.com
Web Reference: http://www.berkleymass.com
0 votes Thank Flag Link Thu Jul 12, 2007
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