I am looking at buying a 5,000 home, I have excellent credit, I have no past claims, and my home would have a replacement value of 0,000.

 

  • Hedwig M 1:02 pm on November 24, 2009

    Home insurance is actually very flexible. I’m not sure about Connecticut regulations, so I suggest you contact a local home insurance agent. http://www.easyhomeinsuranceguide.com/Connecticut-Home-Insurance.html They will be able to help you.

  • car253 1:02 pm on November 24, 2009

    It depends on how big or how many square feet your home is.

    Call a few of the big companies, Allstate, Farmers, State Farm, for some quotes. Start with the company that carries your auto insurance. You get discounts on your auto and home if they are both with the same company.

    Congratulations on your new home.

  • mbrcatz 1:02 pm on November 24, 2009

    You’re going to have to talk to real agents to get quotes. It’s also based on the age of the house, the construction, the claims history of both you and the house, and, frankly, if you say the replacement value is $160,000, that means, it’s an 800 square foot house? One floor? Or 2 floors, 400 on each floor? That’s incredibly tiny.

    So I don’t think that’s an actual replacement cost – or rather, I don’t think an insurance company would agree with you on the value.

  • macsfins 1:02 pm on November 24, 2009

    There are a variety of elements that factor into the cost of home insurance such as the size of the home, the property value, and geographic location. As recommended by others, the best action you can take is to speak with an insurance agent. And as suggested by @car253, some insurance providers will recommend a discount when you combine auto and home insurance under a single provider.

    Your local insurance agent will provide the best information as laws will vary from state to state. If you already have property in mind, be sure to have as much information about the property with you at the time of your visit. If you are still searching, then you may consider taking some of the listings you are interested in to acquire rate differences between properties.

    As a representative from State Farm, we also recommend assessing your valuables. Besides covering the cost of the home, you will also want to assess the value of your personal belongings. You may want to jot down what you own as you pack. It is one of those rare moments when you can really evaluate what you have and record what is valuable. Take pictures or record some video. Keep a record of all your belongings and keep it in a safe location like a safety deposit box.

    State Farm has made available a program, Possessions Matter, which is available for you to download and use to help you record your belongings. The program is available at the following link: http://www.statefarm.com/learning/life_stages/home_buy.asp

    I hope this helps.

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