How much do you pay for insurance annually for your primary residence? And what is the value of said property? I’m asking because my in laws are paying $3900/ year on a 400k property. While the coverage is good I feel that is way too high and unnecessary. If like to see what the average “right” amount of insurance should be.

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I learned a lot after joining a Home Insurance company - somethings to consider: 1) The industry is heavily competitive. Most companies charge very similar prices for similar amounts of coverage. Your policy is likely very highly priced due to the very high coverage A amount. 2) Insurance pricing is regulated. You can’t offer different prices to customers unless it’s a filed program. E.g. If John and Bob have the exact same traits, they’d get the same price. However, they can offer discounts based on specific discounts e.g. John is a Gov Employee, and there’s 5% discount for all gov employees. Ask them if there’s any discounts available - specifically call in. 3) Insurance agents are incentivized to get you to pay more for a policy. Most insurance agents will get 15% of the insurance premium in Y1 as a premium snd then 12% in Y2 onwards. You should use agents to get quotes, but also do your own shopping.


Where are they located? Seems a little high but not ridiculous.

Just looking at neighborhood prices as well as assessments

You need to talk with an insurance agent as there is no "right" price. I would assume, based on available facts that they've had a claim on property in last 5 years

That's crazy high. I've been shopping hard for home owners insurance in Houston and the concensus is that rates have been jacked up because of all the crazy weather we get down here. Hurricanes, 100 year flood, and now adding SNOWSTORMS to the list And despite all that I was being quoted $2k - $2.7k for homeowner's on a $575k purchase price property

$2k was Geico (Homesite), $2.7k was Progressive. Allstate just got back to me with $1400 but they need to make some adjustments because the dwelling coverage was $300k and needed to be at least $550k Swyfft is around $1300 also. If I were you I'd check out Allstate and Swyfft

$2200 / year on $1.2M property. Your in-laws quote seems insanely high, unless they’re in a very high risk flood zone or other frequent natural disaster area.

$125/year 😉

Brooklyn, State Farm renter’s insurance baybeeee


Fire insurance?

Just Google home insurance quotes. Compare their offers to your parents’ latest invoice or statement that details what is covered for them currently. 750k of coverage is insane for a 400k house. At the very least call their current insurance provider and ask them to explain their current policy.

To everyone questioning the insured cost, how much should you insure for? 300k house, insured for 550k. I was told you have to insure for the rebuild cost. Our house is old, but very large, and would def cost more than that to rebuild at current prices. Just realized I am paying WAY more than anyone else, but also don’t want to have to move if my house burns down and can’t afford to rebuild.

You’d get CovA for what the home costs to rebuild. If you have a $300K house you bought for example, I’d expect CovA to be like $250K. You’d then get an endorsement for an additional 25% / 50% in extended replacement cost. The rider is significant cheaper than getting additional CovA. Its not the same as getting additional CovA.

$4500 on a home with replacement value of 1.2mil insurance is not based on sale value.

Seems high, but being in a flood zone, fire zone, or any other higher risk factor can make insurance jump by a huge amount. I would review the policy for anything like that as an explanation for why it's so high. I pay ~$800 to insure a $750k home in AZ.

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