Homeowners Insurance.....Help!!

I got a quote for HO insurance today for $1200+/year! Is this high?? Average?? This is w/ Traveler's insurance.

Any suggestions on a better deal?? Looking to wrap this up this week!

Thanks!

Re: Homeowners Insurance.....Help!!

Ours is about $1350 - also with Travelers. We have our auto insurance and an Umbrella policy with them as well (not included in the 1350 - those are additional) I think I was paying $550 or so just for Renter's insurance on contents and Liability in Boston, so I figured the $1350 was not so bad for insuring the house as well.

I'm a big believer in being well insured, having been underinsured once in my past, when I really needed it.

I also just read an article - I think in Reader's Digest, about a family that had homeowners insurance and had the house burn down - collecting was a nightmare. Their agent had sold them on the idea of insuring for a lesser amount than the appraisal, then going for a full replacement value policy. Only problem was that about 2 weeks before the fire, the company had issued a rider changing the policy - capping the replacement at 120% and between the low-ball initial amount, plus improvements, plus inflation, their policy did not come close to covering the rebuilding costs. It pointed out how important it is to keep your insurance up to date with reality.

Re: Homeowners Insurance.....Help!!

Thanks, Karen! I'm still digesting that amount! LOL

I got the quote from your referral!! We're checking out one more option before we make a decision.

Arghhhh so much money!!

Re: Homeowners Insurance.....Help!!

Kathi...thats how much ours was with Allstate.

Good Luck!
Lisa

Re: Homeowners Insurance.....Help!!

Oh, I'm starting to feel better now! Thanks, Lisa! I don't know why I thought it would be less (closer to $800). It helps to hear what others on LI are paying. My sister pays $534 in Rockland Co.!

Re: Homeowners Insurance.....Help!!

Call Statefarm, I'm going to forum you the number, but I just called the hubby (he has all this info) and we are going to be paying $750 and my parents also pay about that much as well. He couldn't believe the price you were quoted, so he told me to forum you the number of the person he spoke with. Try them, maybe you'll get a better rate.
Let me know either way!

Good Luck,
Cira

Re: Homeowners Insurance.....Help!!

We are also going with Statefarm. I have my current CoOp Insurance with them. I was going to shop around but after seeing the prices quoted it sounds like they are a good deal. I was quoted about $1100. Remember there are a lot of variables on insurance that can bring your premium up or down. Its important to understand your entire policy.

Statefarm

I would recommend State Farm--- we have them and although we are in NJ the rates were the lowest-- you will be sick to hear that we only pay $527 a year--
Def give them a try
Laura

Re: Statefarm

State Farm it is!!! Thanks, Cira!!! (and Laura ).

We got a quote of over $300 less than Travelers for the same (essentially) coverage!

YAY!!