Comments on: What Would A Typical Home Insurance Payment Be On A Home Valued At $60,000?

By: EyeSpy

EyeSpy — Thu, 11 Feb 2010 00:58:12 +0000

Need to know where this is. Location can be huge on your insurance premium, also the age of home as well.

By: mbrcatz

mbrcatz — Wed, 10 Feb 2010 22:42:14 +0000

Well, most companies aren’t going to write a policy for a house for $60,000 – it’s high risk. Low value homes are MUCH more likely to have claims filed.
Because of that, depending on updates and your credit score and the area and a buncha other things, you’d better budget between $500 and $800 a year for the insurance. Assuming you’re not in Florida, TX or LA, and don’t need flood.

By: MSAD

MSAD — Wed, 10 Feb 2010 16:26:52 +0000

It depends on too many factors for me to tell you.
Insurance on a house in NC is much cheaper than insurance on a home in Fla or La.
The insurance company will look at: 1. your insurance score (ie- credit score), 2. claims history, 3. do you have other policies with them -such as auto ins -(mulit policy discount). 4. age of structure, 5. type of structure, 5. type of construction, 6. condition, 7. location, 8. proximity to fire department, 9. type of fire protection (manned station or unmanned volunteer).
Your best bet is to contact the agent that has your auto insurance and see if they can give you a ball park guess. Keep in mind – it will be just that a guess. If you know the details on the home you want to buy, they may be able to give you a better estimate.

By: garrison

garrison — Wed, 10 Feb 2010 15:16:14 +0000

Why do people ask questions and then not give enough information to provide an answer… it’s like they think it’s all the same everywhere.
WHERE is the house.? Insurance rates vary by as much as 100 PERCENT or more depending on the area
A $60,000 homeowners policy could be as little as $500 a year in some places to 10 PERCENT of the value of the home in some places in Florida.

By: Kìmß£®L¥

Kìmß£®L¥ — Wed, 10 Feb 2010 09:41:35 +0000

Around 600 dollars per year.

By: Margarita D

Margarita D — Wed, 10 Feb 2010 08:34:06 +0000

Your homeowners insurance premium is going to be based on a wide variety of factors. Among the factors the location, including protection class which factors in how far the house is from the nearest fire department and fire hydrants, how far the house is from a body of water, construction materials of the house, i.e. whether it is masonry or frame, the age of the home, if it is under 10 years old it usually gets a discount, if it is over 40 years the company will be looking at whether it has been updated (some companies will give discounts if it has been completely updated) safety features such as sprinklers, central station alarm, etc., your history of prior property claims, prior claims at that specific home (contained in a CLUE report), a multi-policy discount if you have automobile insurance with the same company, a senior citizen discount if you are over 65 and where allowed your credit score are all factors that could cause wide variations in homeowners insurance premium.
Also the most important point–your homeowners insurance premium is going to be based on the replacement value (what it would cost to re-construct the home if it were a total loss) not your purchase price. Lastly the low value of the home does not in and of itself mean that it is a high risk home or that it is much more likely to have claims filed–the CONDITION of the home its proximity or location in a risk zone in terms of weather–near water, high wind area, brush fire zone, etc. are what would make the home a high risk.
Good Luck on purchasing your first home.