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Homeowners' Insurance: Low quote?

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Pumpkin1
LIF Adult

Member since 12/05

3715 total posts

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Homeowners' Insurance: Low quote?

I just got a quote for homeowners insurance for a 4BR, 2 bath home in Wantagh for $505, which includes multi-policy discounts and alumni discount. Is that really low?

Posted 5/31/07 4:49 PM
 
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mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

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Re: Homeowners' Insurance: Low quote?

I have been shopping around and that sounds very low. Do you know the specifics of the policy such as liability coverage, replacement costs, etc.?

Posted 5/31/07 5:13 PM
 

cjik
Welcome 2010!

Member since 2/06

8879 total posts

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Re: Homeowners' Insurance: Low quote?

What does this cover? Did this include liability also?

This sounds very low for a 4-bdrm. house to me.

Posted 5/31/07 5:53 PM
 

NJmom
.

Member since 8/05

4987 total posts

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Re: Homeowners' Insurance: Low quote?

that sounds really low. you should check the limits on the policy and also your deductibles to be safe.

Posted 5/31/07 6:25 PM
 

Pumpkin1
LIF Adult

Member since 12/05

3715 total posts

Name:

Re: Homeowners' Insurance: Low quote?

Here are the details:

Replacement dwelling: $206K
Other structures: $20K
Personal property: $154K
Liability: $300K
Medical: $1K
1K deductible

Posted 5/31/07 7:21 PM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: Homeowners' Insurance: Low quote?

Posted by Pumpkin1

Here are the details:

Replacement dwelling: $206K
Other structures: $20K
Personal property: $154K
Liability: $300K
Medical: $1K
1K deductible



Replacement seems low. It usually costs about $125-$150/sq foot to build. If you know the sq ftg of your house you should be able see if $206 would cover it.

Liability is low, I wouldn't go with less than 500K, medical is also low. Most of my quotes included 5K in medical and 500K in liability.

Posted 5/31/07 7:28 PM
 

Pumpkin1
LIF Adult

Member since 12/05

3715 total posts

Name:

Re: Homeowners' Insurance: Low quote?

Posted by mommy2Alex

Posted by Pumpkin1

Here are the details:

Replacement dwelling: $206K
Other structures: $20K
Personal property: $154K
Liability: $300K
Medical: $1K
1K deductible



Replacement seems low. It usually costs about $125-$150/sq foot to build. If you know the sq ftg of your house you should be able see if $206 would cover it.

Liability is low, I wouldn't go with less than 500K, medical is also low. Most of my quotes included 5K in medical and 500K in liability.



Thank you, I did not know this.

Posted 5/31/07 7:44 PM
 

ckone
LIF Adult

Member since 8/06

3014 total posts

Name:

Re: Homeowners' Insurance: Low quote?

We were quotes $725 for a 4 bedroom /1 bath cape in East Meadow and $1700 from another company. I think that $505 sounds low but, we don't have the multi policy discount. I would double check what included.

Posted 5/31/07 9:04 PM
 

SweetTooth
I'm a tired mommy!

Member since 12/05

20105 total posts

Name:
Lauren

Re: Homeowners' Insurance: Low quote?

I would increase the liability to $500K.

Posted 5/31/07 9:34 PM
 

csorisi
My 2 LOVES

Member since 11/05

1984 total posts

Name:
Corinne

Re: Homeowners' Insurance: Low quote?

Mine was in the $700-$800 range and we have a 3 bedroom 1 1/2 bath in sayville.

Posted 5/31/07 10:23 PM
 

cjik
Welcome 2010!

Member since 2/06

8879 total posts

Name:

Re: Homeowners' Insurance: Low quote?

Ask them in you can increase your liability--this does seem very low. The quotes I got were all fro $500,000. We upped this to $1 million by paying $25 more--seemed worth it.

I would definitely see if you need to increase your home covereage also. This quote is low.

Posted 6/1/07 1:53 PM
 
 

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