What is the insurance on this property?

Asked by Dave, Marco Island, FL Thu Feb 19, 2009

This question is about this property: http://www.trulia.com/property/1074185483-2-Painted-Bunting-…

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Michael Gonz…, , Hilton Head Island, SC
Thu Feb 19, 2009
Hi, I see you have several answers already, but I requested a general quote from an insurance friend of mine on the island. There are their exact words "Usually we say it will be about 1% of the replacement value of the home. If the square footage is 4300, the replacement value would be about $748,000 therefore the insurance would cost approx $7,478. It is an older home, so that is provided updates have been done. The flood will be an additional $1600."

So you would be looking at about just over $9,000 for insurance on this home. There are some other questions to answer, based on your usage: rental or primary, etc, but this is a good rule of thumb. Please let me know if I can be of any assistance and good luck! Michael Gonzalez, Owner, ERA Evergreen Real Estate Company 843-298-4097. michael.gonzalez@era.com
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Maureen Hous…, Agent,
Thu Feb 19, 2009
yes all true this insurance quote was verified by listing agent today feb. 19,2009 but like i said and everyone else it all depends on alot of variables.
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Susan Ochsn…, , 29928
Thu Feb 19, 2009
Ocean Oriented property including wind&hail, flood and homeowners can easily be over $20,000. I live nearby but on the golf course, have a smaller house and is insured for $9000 all three combined. A lot of people under insure their investment but I am conservative and like to play it safe and have at an expensive cost to build.
Please keep in mind that the past owner was overinsured. At 4300 sq. ft. and building at $200 sq. ft $860,000 is building cost and rest is land value - no insurance needed there.
A lot also depends whether you would be renting it out. I always encourage my buyers to get quotes from three different agencies and I have built some great contacts in that industry down here.
If you are interested in the above property or any other one in Sea Pines, please contact me.
Respectfully submitted,
0 votes
Chris Walker, Agent, Hilton Head, SC
Thu Feb 19, 2009
Dave - If you are seriously considering a purchase in this price range then you really need all of the details regarding such a property. If you would like a full work up on the costs associated with this property and potential rental income and how that all affects you from a financial stand point, please give me a call or send me an email and I will be happy to assist you. Thanks
Chris Walker
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Maureen Hous…, Agent,
Thu Feb 19, 2009
The insurance is $21,000 and he may be a little over insured! this does not mean that this is what a new homeowner would be insured as you probably know insurance is a funny thing that changes and you get lots of different quotes depending on things.
Let me know if there is anything else I can help you with

All the best,
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