Skip to main content

Very high homeowners insurance premium? (CO)

First time home buyer here trying to gauge what is reasonable for an annual premium for homeowners insurance. I've been shopping around and am consistently being quoted ~$4000 per year for policies with replacement costs between $650-750k. The premiums seem to be not so dependent on deductible. For example, Progressive's quote has a $1000 deductible and State Farm has $7500. Personal liability is the same on all policies ($300k), medical is the same ($100k). Personal property varies a lot because some insurance providers require a minimum of 75% of the real property replacement cost (which is much, much higher than I need), but some others allow me to choose the coverage I want. If it matters, I have excellent credit and I'm in Colorado. Not sure what else might be causing such high premiums here. I keep seeing averages even in high CoL states at being between $1k and $2k.

submitted by /u/OpticaScientiae
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/hhp1p7/very_high_homeowners_insurance_premium_co/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more