Question : home insurance?
i live in southern california and my home value is 600,000. I pay 2,200 for insurance every 6 months. i think this is a little too high but would like to know if this is average. When i bought the house i was too excited that i didnt even talked to my insurance agent, who is located in Fresno, Ca. I do live near a school could that also be the reason why my home insurance is so high? Could the location make any different? Can i also change insurance or will there be a penalty? I have no clue? My insurance is through Farmer. thanks in advance!!!!!
- asked by chiv576sunford
All Answers:
Answer #1
You may have the HO-5 policy which is a goodpolicy if you live in an area where thetemperature drops way below freezing. It coversthings like frozen pipes and damage from weight ofsnow or ice. The basic policy, HO-1, is forpeople who live in warmer climates. It's the bestvalue in a policy if minimum premiums are yourgoal. So get out your homeowner's policy so thatyou can check coverages and make any possiblechanges.Also, see what your deductible is. Youcan save money by raising your deductible to $500or $1000. But be sure you check with your morgagecompany for the minimum required coverages.Checkto see if you have replacement value coverage, notmarket value coverage. Replacement value coveragewill pay whatever it cost to replace your home. Make sure your fire insurance is also replacementvalue coverage. You can also ask for anappreciation clause in your policy that willautomatically raise your coverage limits each yearfor inflation.And, check your policy for gimmickinsurance that may be attached to your policy. Examples are:Credit Life InsuranceCreditDisability InsuranceMorgage LifeInsuranceAutomobile Service ContractsExtendedWaranties on Appliances andElectronicsChargegardAnd finally, check alloptions to your homeowners's policy. None ofthese are a good value.1)Removal ofdebris2)Damaged-property removal3)Fire departmentsurcharges4)Temporary repairs to prevent furtherdamage to property5)Trees, shrubs, and plants -since windstorms are excluded, this insurance isof little value6)Stolen credit cards
- answered by Richard_CA
Answer #2
It depends upon the policy u choose, cover value &the company of course. U can find all thesedetails by meeting advisors of different insurancecos. To meet the agents u can fill forms withdfferent cos. on this site lnk.in/54fh& they willsend their best advisors to u. & U can crack thebest deal
- answered by princy
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measure and fulfill your financial needs
