Home Insurance in Raleigh>Question Details

mcnair1206, Home Buyer in Clayton, NC

How can I get my dwelling cost lowered for purchasing insurance?

Asked by mcnair1206, Clayton, NC Mon Apr 15, 2013

I am purchasing a home where my dwelling cost for every insurance company I called is 100k more than what I am paying for the home. My mortgage broker only figured me to pay $35 per month in insurance any more than that will effect my DTI ratio. If I had an appraisal could I get the insurance dwelling cost reduced?

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You need to try an independent agent. Many standard companies require you to insure your home for replacement cost. There are companies that will let you insure the home for less but they are a niche market and you have to shop around to find it. Just know that if you have a policy for less than replacement cost and your home burns down there won't be enough money to rebuild. Also look at a higher deductible or adding your car insurance to get a multipolicy discount. Good luck.
0 votes Thank Flag Link Tue Apr 16, 2013
Have you not had an appraisal yet??

This question is a great one for your broker to answer...especially if he knows someone that can provide you with coverage for about $35 per month.
0 votes Thank Flag Link Mon Apr 15, 2013
My appraisal was done yesterday but I don't have the written report yet.

The insurance company my mortgage broker referred me to is quoting me at $76 dollars a month because of the square footage of the home. I would hate to lose my home of $30 dollars a month.
Flag Tue Apr 16, 2013
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