What % of your homeowners policy does your annual premium amount to? If you dont know, can you give me both nums and I'll compute it myself?
I'm trying to compare to other people to see if I'm getting ripped off. And I don't know if people pay a smaller % the more expensive the house, sort of like paying less per square foot on avg when buying a bigger house.
- AnonymousLv 73 weeks ago
For me, it's about 2% of the value of my home. But that means nothing, without a whole bunch of context. Major factors in play are location (hurricane or tornado or wildfire prone area), your credit score, age of the house (is it more than 30 years old?), and prior claims history for the past five years.
Generally, the cost to rebuild in most parts of the country is about $200 to $250 per square foot, for an average type home, whether it's 1200 square feet, or 5,000 square feet.
But I'll tell you one thing - the less you have your house insured for, the more expensive the rate is. Many companies flat out won't give insurance for houses valued under $150,000 (seriously - 750 square feet.) The lower the value on the home, the more likely it is to have a claim, and a serious claim.
- curtisports2Lv 71 month ago
100%. I don't know what you're trying to ask. The annual premium is for 100% of the policy.
If you're asking why some people pay more than others for what may look like the same coverage, that is because rates vary widely based on many, many things. Location is the big one.
- RICKLv 71 month ago
Mine is 0.875%....
- fcas80Lv 72 months ago
Your homeowners premium is a function of your city, the amount of insurance on the building, your deductible, whether the building is brick or another construction type, distance to the nearest fire hydrant, and other variables. There are many online sites that let you compare among different insurance companies.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- SumDudeLv 72 months ago
Too many variables. Type of roof, fire danger in the area, non-smoker discount, distance from fire hydrant, cost to rebuild, and even things like having other insurance coverage with the company ... but mine is about 1.5% cost to value of house on 1,000 sq feet, plus a carport and tool shed.
- StephenWeinsteinLv 72 months ago
It varies depending on how the house is built (some materials are more fire-prone than others), the neighborhood (crime rate), how prone the region is to natural disasters, etc. Percentage really isn't a clue to whether you are being ripped off.
- Anonymous2 months ago
I don't have it. But I do know the deductible and max possible payout like for a fire or tornado have a lot to do with it.
I was going to buy a $1000 deductible policy when I bought my house but they changed their mind and wanted to jack my rate up the first year because I did not have renters insurance in my apartment. So I have not had it. (Paid cash for the house and can accept the risk of a total loss)
- The Football GodLv 72 months ago
Lemme guess, you sell insurance. Less than .5% and that's with a $1m rider. That's personal protection added in case of a catastrophe.