Homeowner's Insurance

SamSpade

SamSpade

Well-Known Member
I'm considering changing insurance for my home. I think it's probably going to be cheaper going with the same company that has my auto insurance.

They want to know, among other things, the distance to the nearest fire hydrant. Now, my water is from a well, and the nearest hydrant is - well, I found out it's over a half-mile away. I had no idea - it had never occurred to me.

I know my homeowner's insurance rate is pretty high - but - I can't see that it would be 3-4 times higher based on THAT, since I would imagine a lot of residents of St Mary's County are in the same boat.

Is it high for that reason? What's a reasonable yearly cost?
 
lovinmaryland

lovinmaryland

Well-Known Member
SamSpade said:
I'm considering changing insurance for my home. I think it's probably going to be cheaper going with the same company that has my auto insurance.

They want to know, among other things, the distance to the nearest fire hydrant. Now, my water is from a well, and the nearest hydrant is - well, I found out it's over a half-mile away. I had no idea - it had never occurred to me.

I know my homeowner's insurance rate is pretty high - but - I can't see that it would be 3-4 times higher based on THAT, since I would imagine a lot of residents of St Mary's County are in the same boat.

Is it high for that reason? What's a reasonable yearly cost?
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I am sure it doesnt have to do w/ just the distance to the nearest hydrant.

The main scale of price is due to the estimated replacement cost (what it will cost to rebuild your home from scratch) H/O insurance does not cover the land only the house and detached structures such as garages, sheds, fences, etc...
 
DoWhat

DoWhat

Deplorable
PREMO Member
SamSpade said:
I'm considering changing insurance for my home. I think it's probably going to be cheaper going with the same company that has my auto insurance.

They want to know, among other things, the distance to the nearest fire hydrant. Now, my water is from a well, and the nearest hydrant is - well, I found out it's over a half-mile away. I had no idea - it had never occurred to me.

I know my homeowner's insurance rate is pretty high - but - I can't see that it would be 3-4 times higher based on THAT, since I would imagine a lot of residents of St Mary's County are in the same boat.

Is it high for that reason? What's a reasonable yearly cost?
Click to expand...

Erie.
 
ProfMoneyWise

ProfMoneyWise

Member
SamSpade said:
I'm considering changing insurance for my home. I think it's probably going to be cheaper going with the same company that has my auto insurance.

They want to know, among other things, the distance to the nearest fire hydrant. Now, my water is from a well, and the nearest hydrant is - well, I found out it's over a half-mile away. I had no idea - it had never occurred to me.

I know my homeowner's insurance rate is pretty high - but - I can't see that it would be 3-4 times higher based on THAT, since I would imagine a lot of residents of St Mary's County are in the same boat.

Is it high for that reason? What's a reasonable yearly cost?
Click to expand...

Most definitely shop it around. Get the quote from your current provider and when you shop it make sure you are getting quotes on the same coverage.

Also recommend as high of a deductible as possible (I believe most are at $1,000 max).

Your fully funded Emergency Fund or a separate home maintenance fund (1% - 3% of your home's value) will take care of most $1K issues should the need arise.
 
Dymphna

Dymphna

Loyalty, Friendship, Love
DoWhat said:
Erie.
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:yeahthat: MUCH cheaper than anywhere else as a rule and the one time I had a small claim, they handled it very well without jacking the premiums.

Best I can figure, they can be cheaper because they don't do high-risk situations. For example, they won't cover my daycare business if I have a dog....I can have the dog or the business, not both. I also can't have a trampoline, and I'm not sure they'd cover a pool. They didn't even bother to jack the price when I told them I did day care and had a dog....just dropped me altogether.
 
O

OldHillcrestGuy

Well-Known Member
Erie :yay:

Ive had Erie for over 25 years, no problems and no claims, they know I have a pool.

Get calls all the time from insurance companies at the firehouse asking questions as to how far we are to certain locations and if there are hydrants, and what kind of water supply there is in the area of this specfic location and do we have a tanker truck and how much water does it hold and whats the next closest fire dept that would respond.
 
SamSpade

SamSpade

Well-Known Member
I was thinking USAA just because they do my car insurance, and their car insurance price is exceptional. I'm not even sure how we came across our current one; I bought my wife's parent's house, and somehow, we kept the same insurance carrier.

I'm not going to say how much, but it's quite a bit higher than 1000 a year, and that sounds like a lot for any area. But almost everyone I've asked doesn't live in St Mary's, so I don't know if homeowner's cost more down here or not.

I suspect that somewhere along the line, the cost of the insurance reflected the value of the entire property, which is not what I want. I suspect I could save myself anywhere from 50-80 bucks a month if I switch.
 
Chasey_Lane

Chasey_Lane

Salt Life
SamSpade said:
I'm not going to say how much, but it's quite a bit higher than 1000 a year, and that sounds like a lot for any area.
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Our homeowner's insurance is $400 yearly for a 12000 sq ft lot (1600 sq ft house). We have a trampoline and a bigger dog. We're not with any of the mentioned carriers.
 
B

bandaid

ouch
I just received a quote from USAA and they were asking about the distance from the fire hydrant also. My realtor told me to tell them that it's in a plain unit development (whatever that means). Anyway, I was quoted $52.56 per month for a 2100 sq. ft. $150,000 home. This is in Florida btw.
 
SamSpade

SamSpade

Well-Known Member
Since mine is three times what anyone else is paying - and my house isn't a mansion - my guess is that something is wrong with my policy. I have an in-ground pool, but it shouldn't be THAT much more.
 
Dymphna

Dymphna

Loyalty, Friendship, Love
SamSpade said:
I was thinking USAA just because they do my car insurance, and their car insurance price is exceptional. I'm not even sure how we came across our current one; I bought my wife's parent's house, and somehow, we kept the same insurance carrier.

I'm not going to say how much, but it's quite a bit higher than 1000 a year, and that sounds like a lot for any area. But almost everyone I've asked doesn't live in St Mary's, so I don't know if homeowner's cost more down here or not.

I suspect that somewhere along the line, the cost of the insurance reflected the value of the entire property, which is not what I want. I suspect I could save myself anywhere from 50-80 bucks a month if I switch.
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I pay half that with Eire and have a special rider to cover the business and a few other things.
 
J

jsouthan

New Member
SamSpade said:
I'm not going to say how much, but it's quite a bit higher than 1000 a year, and that sounds like a lot for any area. But almost everyone I've asked doesn't live in St Mary's, so I don't know if homeowner's cost more down here or not.
Click to expand...

We have Liberty Mutual and our homeowner's was just over $700 on our 2008 statement (I couldn't locate the 2009 one quickly). That also includes a special rider, or at least an increase in liability coverage amount, for our inground pool. We do have several discounts at work with them (NFCU members, home/car policies, etc.), but nothing that most others couldn't get also.
 
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