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Mortgage/homeowner insurance Sticker Shock

Mortgage/homeowner insurance Sticker Shock

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by: cgm10sne1 Active Indicator LED Icon 10 OP 
~ 9 years ago   Sep 16, '14 5:47pm  
When we closed on the house we didn't pay much attention to what the insurance was on the house. I just knew that it was paid in full at closing. We opted not to do escrow payments and pay the insurance when it come up for renewal. It's due. It's 3'xs what we had paid in the tune of just over 2k. Sticker shock indeed. But I'm thinking it might more expensive  because of the pool????Is this the norm and in line with what others here pay? Curious if we need to start getting quotes and look for a new company. But everything is more expensive here....can anyone enlighten me? Emoticon TIA 4951
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Mccrj Active Indicator LED Icon 2
~ 9 years ago   Sep 16, '14 6:01pm  
When we closed on the house we didn't pay much attention to what the insurance was on the house. I just knew that it was paid in full at closing. We opted not to do escrow payments and pay the insurance when it come up for renewal. It's due. It's 3'xs what we had paid in the tune of just over 2k. Sticker shock indeed. But I'm thinking it might more expensive  because of the pool????Is this the norm and in line with what others here pay? Curious if we need to start getting quotes and look for a new company. But everything is more expensive here....can anyone enlighten me? Emoticon TIA
 
@cgm10sne1: what was the payment at closing? 2k might not be out of line, Farmers kept raising my rates for a few years in a row, (no claims) I dropped 'em like a bad habit and went with All State which was about 700 less for better insurance. my rate is 1500.  I would call around for quotes...
4951
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cgm10sne1 Active Indicator LED Icon 10 OP 
~ 9 years ago   Sep 16, '14 6:05pm  
Like I said, I didn't really pay much attention to that particular number. I could go dig through my closing doc...but I so don't feel like doing this right now. We are with Liberty Mutual and all of our vehicles are with LM. So were surely getting the "bundle" discount. I'm just going to call around and get some quotes. I 4951
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jls2 Active Indicator LED Icon 7
~ 9 years ago   Sep 16, '14 6:08pm  
@cgm10sne1 - I would call around and get quotes. I left Liberty Mutual in March and glad I did. They had been raising my homeowners rates every year - I think the last quote for renewal in March was 1700 (i'll look it up). No claims and I am sure my house is much smaller than yours! 4951
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shodan66 Active Indicator LED Icon 15
~ 9 years ago   Sep 16, '14 6:14pm  
I left Liberty Mutual
 
@jls2: We actually went to Liberty Mutual last year because they offered us the best deal.  No idea how they calculate what they'll charge.  Ours runs right at 2k. 
4951
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Okiedokie Active Indicator LED Icon 11
~ 9 years ago   Sep 16, '14 6:17pm  
We don't live in KW, but we pay about $1000.00 4951
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shodan66 Active Indicator LED Icon 15
~ 9 years ago   Sep 16, '14 6:19pm  
because of the pool
 
@cgm10sne1: FWIW...we're a little under 3k sqft in Bear Branch with a pool. 
4951
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KTownTexican Active Indicator LED Icon 11
~ 9 years ago   Sep 16, '14 6:19pm  
WELCOME to the CITY OF HOUSTON and HARRIS COUNTY!Welcome to land of floods, hurricanes, and new commerce. The value of the house is double on your tax forms, but you cant sell it for half that.You are now paying for the inner loop! 4951
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magnoliamam Active Indicator LED Icon 7
~ 9 years ago   Sep 16, '14 6:27pm  
most all insurance companies go up about $100 every year - that's not unusual.I have a 2000 sq. ft. house, no pool, no claims for 44 years, and my premium is $1500 so your $2000 doesn't sound far off the mark - 4951
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cgm10sne1 Active Indicator LED Icon 10 OP 
~ 9 years ago   Sep 16, '14 6:32pm  
Yeah, I think it's on the mark! Thanks guys. Good to know I'm in line! 4951
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jls2 Active Indicator LED Icon 7
~ 9 years ago   Sep 16, '14 6:33pm  
@shodan66 - I live in a one story, 2160 sq. ft., no pool and combined with auto. The renewal cost for March 2014 was $1765. I thought - what the hell! When I called them to cancel, they asked if they could do anything. I said - too late - I'm switching. 4951
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KTownTexican Active Indicator LED Icon 11
~ 9 years ago   Sep 16, '14 7:02pm  
the insurance states,, Kingwood  "COULD BE" in a flood plain,, so the insurance is higher,, plus all the trees falling down on houses... oh yea 4951
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thegoodwife Active Indicator LED Icon 10
~ 9 years ago   Sep 16, '14 9:01pm  
The night before we were to close I got a call we didn't buy homeowners insurance. I had a 2200 sq.ft. home on 1.50 acres in another state and the price was 465.00. So I call around, now I'm under the wire b/c I need to close in the morning in Tx. Best price I got was $ 1760 and that was a little over 10yrs. ago. I was in sticker shock. Every year it goes up and we change, the best price I ever had was $1415 a year, and that was Liberty Mutual but it keeps going up every year.If you're in Montgomery County it's suppose to be less. Not as much burglar as Harris County. 4951
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cador Active Indicator LED Icon 10
~ 9 years ago   Sep 16, '14 9:01pm  
the insurance states,, Kingwood  "COULD BE" in a flood plain,, so the insurance is higher,, plus all the trees falling down on houses... oh yea
 
@KTownTexican: Being in a flood plain doesn't affect HO's ins rates as flood is excluded on all HO's policies (if you want flood, you need to buy a separate policy through the Nat'l Flood Ins Program), having a pool doesn't affect it much either (small surcharge only applies to a liability, look at your liability premium, it's cheap).Ins co's do "zip code rate" though, based on how many claims in the zip code, fire/wind/theft claims, Allstate seems to be writing pretty competitive rates in KW, but try them all if your's went up a bunch, $2,000 isn't bad if it's a standard carrier and your replacement cost is alteast $250,000 plus.
4951
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jls2 Active Indicator LED Icon 7
~ 9 years ago   Sep 16, '14 9:40pm  
@cador - we had another thread on this same thing. Why would I pay 1765.00 for a house worth 150,000 and 2160 sq feet when others are quoted 2000.00 and their house could be worth 200,000 or more? 4951
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cador Active Indicator LED Icon 10
~ 9 years ago   Sep 16, '14 10:03pm  
@cador - we had another thread on this same thing. Why would I pay 1765.00 for a house worth 150,000 and 2160 sq feet when others are quoted 2000.00 and their house could be worth 200,000 or more?
 
@jls2: I'm not sure of your question, but that's about right to be honest (although you should be insuring a 2160 sq ft house for a lot more than $150,000), just alittle over a 10 cent rate with your house, and right at a 10 cent rate for your example, once you get over $100,000 (majority of claims are under 100), the rate difference is a lot smaller.
4951
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