Question : What would a typical home insurance payment be on a home valued at $60,000?
My wife and I are looking to buy a home, but we want to find out what a typical home insurance payment looks like.
- asked by David B
All Answers:
Answer #1
Around 600 dollars per year.
- answered by ♥Nurse Kimberly♥
Answer #2
Why do people ask questions and then not giveenough information to provide an answer... it'slike they think it's all the same everywhere.WHEREis the house.? Insurance rates vary by as much as100 PERCENT or more depending on the areaA $60,000homeowners policy could be as little as $500 ayear in some places to 10 PERCENT of the value ofthe home in some places in Florida.
- answered by garrisonbight
Answer #3
Need to know where this is. Location can be hugeon your insurance premium, also the age of home aswell.
- answered by EyeSpy
Answer #4
Well, most companies aren't going to write apolicy for a house for $60,000 - it's high risk. Low value homes are MUCH more likely to haveclaims filed. Because of that, depending onupdates and your credit score and the area and abuncha other things, you'd better budget between$500 and $800 a year for the insurance. Assumingyou're not in Florida, TX or LA, and don't needflood.
- answered by mbrcatz17
Answer #5
Your homeowners insurance premium is going to bebased on a wide variety of factors. Among thefactors the location, including protection classwhich factors in how far the house is from thenearest fire department and fire hydrants, how farthe house is from a body of water, constructionmaterials of the house, i.e. whether it is masonryor frame, the age of the home, if it is under 10years old it usually gets a discount, if it isover 40 years the company will be looking atwhether it has been updated (some companies willgive discounts if it has been completely updated)safety features such as sprinklers, centralstation alarm, etc., your history of priorproperty claims, prior claims at that specifichome (contained in a CLUE report), a multi-policydiscount if you have automobile insurance with thesame company, a senior citizen discount if you areover 65 and where allowed your credit score areall factors that could cause wide variations inhomeowners insurance premium.Also the mostimportant point--your homeowners insurance premiumis going to be based on the replacement value(what it would cost to re-construct the home if itwere a total loss) not your purchase price. Lastly the low value of the home does not in andof itself mean that it is a high risk home or thatit is much more likely to have claims filed--theCONDITION of the home its proximity or location ina risk zone in terms of weather--near water, highwind area, brush fire zone, etc. are what wouldmake the home a high risk.Good Luck on purchasingyour first home.
- answered by Margarita D
Answer #6
It depends on too many factors for me to tellyou.Insurance on a house in NC is much cheaperthan insurance on a home in Fla or La. Theinsurance company will look at: 1. your insurancescore (ie- credit score), 2. claims history, 3. doyou have other policies with them -such as autoins -(mulit policy discount). 4. age of structure,5. type of structure, 5. type of construction, 6.condition, 7. location, 8. proximity to firedepartment, 9. type of fire protection (mannedstation or unmanned volunteer). Your best bet isto contact the agent that has your auto insuranceand see if they can give you a ball park guess.Keep in mind - it will be just that a guess. Ifyou know the details on the home you want to buy,they may be able to give you a better estimate.
- answered by MSAD
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measure and fulfill your financial needs
