T.K. asks from Plainfield, IL on May 05, 2009
Ok.. getting frustrated. We need to get homeowners insurance before we move and I am not sure what we need? Too many numbers, it is really getting to me. So we have Travelers for our car insurance, and we really want to get a rate from them, I have gotten 2 rates online the first one sounded good, but decided to do it again and the second one was $200 more per year. I am not even sure what the average is for a year for homeowners insurance. Please help.....
Oh, we are moving to Plainfield.
1 mom found this helpful
J.J. answers from Chicago on May 05, 2009
Welcome to Plainfield - we moved to Plainfield about 3 years ago. I would highly recommend Barb Carlini - she is with Farmers Insurance but does work with other insurance companies as well. She runs a family agency and is a very nice, honest person.
2405 W. Division St
Melrose Park, IL 60160
I met her through business and routinely recommend her to my clients (I am work with insurance and investments).
The average cost for insurance will vary greatly with the location of the home, size of the home and the coverage amount involved. Deductibles and true replacement costs will also impact the premium.
I wish you the best of luck!
T.Z. answers from Chicago on May 06, 2009
We have Metlife for our house and cars, I get a little discount because I have annuities w/ them but make sure you call around to several companies and check your numbers on your own too.
Some cheaper companies are Allstate, Metlife. We had Statefarm previously and they were $200 higher than what I'm paying now. I check new rates yearly to make sure I'm getting the best deal.
A.H. answers from Chicago on May 05, 2009
We have used Erie Insurance for all our insurance needs for years. Their rates are good as well as service & payment plans for the premiums.
I agree with the other poster that rates vary widely due to house size, location, age, construction, how many policies you have with the insurance company, deductible, etc. It's best to shop around for the best terms and rate.
Joe Savickas is who we work with at
Lenert & Bauman
845 North Lake Street, Suite 203
Aurora, IL 60506
M.K. answers from Chicago on May 05, 2009
We just moved (again) in January and had to go through this (again).
I would call your insurance company and tell them you are moving, they will then send someone out to the property to evaluate it. Land size, garage, etc.
They will need to know how many bedrooms, baths, is there a basement, those kind of questions answered.
We have state farm and have been happy with them, but I also know that there are plenty of other good companies out there.
I think we pay about $600 a year. But we do monthly payments.
The insurance company will also talk with your lender about this. I know we needed to have a year paid before the closing. So the insurance company will send that info to your lender.
I know its confusing, but you can shop around but I think it would be best to actually talk to someone rather than do it on the computer.
You should also get a discount because you have the other insurances with them.
Good Luck to you!
J.S. answers from Chicago on May 06, 2009
My family has saved over $600 a year for the same protection I had before. I called (toll-free) 1-877-855-8111. Needed to give solution #HKEV8 and Rep's last name of SANTANA. The people on the phone are licensed and able to quote and write business with top rated companies like Traveler's, Hartford, etc. It takes about 15 minutes and costs nothing to see if they can save you money.
For homeowners insurance you need to give them the year your home was built, the square footages of the house, if you have any security devices, the declaration page of your current policy (that shows the current coverage).
For auto insurance you need to have driver's license and social security numbers for all drivers, vehicle identification numbers and your declarations page from your current policy.
I have referred many friends to this and the majority of them were able to save a lot of money. I'd love to hear from you if they were able to help you (or not).
The program is called Primerica Secure.
D.G. answers from Chicago on May 06, 2009
I used to be in the insurance business, and I couldn't agree more with the previous posts. Do NOT get a quote online for Homeowners Insurance, there is too much involved & you want to make sure you get adequate coverage with a reliable company. Your premium will depend on alot of factors, but working with an agent will insure you are covering all bases. Something I ran into is people don't get adequate flood insurance & sewer & drain coverage. Talk to an agent about this, its very important should you have flooding.You don't know how many people I dealt with that misunderstood their coverages on this. Only deal with an agent that explains things thoroughly and isn't in it just to collect your premium. Hope that helps & congrats on your new home!
E.S. answers from Chicago on May 06, 2009
I also would recommend working with an agent and not doing anything online. If this is your first home, or even if it isn't, it would be way too confusing to do this on your own. Once you have insurance on a house, getting online quotes may be easier because you can compare based on your declaration pages. But until then, forget it!
As a lender, I can tell you that the minimum coverage you need is whatever your lender requires. Ask your loan officer or their assistant or processor what the minimum coverage is that you need (if they tell you loan amount they are wrong). You can start with the minimum and add more coverage if you feel it is necessary. Generally, the minimum is going to be enough to guarantee a complete rebuild of your home in the worst case scenario which would be a fire burning it down to the ground. A good agent will request a copy of your appraisal and give you a quote based on value of the building minus the land. If your house burns down, you still have your land which is worth something (how much depends on your neighborhood). You can then decide what your deductible is to keep costs in line. The higher the deductible, the lower the premium. In my opinion, it is best to get the highest deductible the lender allows (we allow up to $2,000 deductible) because the reality is that you don't want to use your homeowners insurance for much of anything other than the house being completely destroyed. You will find that if you try to claim things such as a destroyed roof, or a lost wedding ring, etc., your premiums will continue to rise to where it didn't make much sense to claim that in the first place.
Hope this helps. If you would like names, I have a great Farmers and Allstate agent that would be happy to assist you. If you move your cars to your new agent, your costs will be even lower (probably for both).
Just wanted to add on that the cost of the premium depends largely on your credit score, the type of house (brick vs. frame), sq. feet, etc. and how far you are away from the nearest fire station and fire hydrant. It's basically computing the risk of your house burning down to the ground coupled with your risk of making a lot of frivolous claims. I have seen rates as low as $350 per year and as high as almost $1200 for larger houses and lower credit scores and more rural areas. Rates will also be higher if you have additional coverage for things like your wedding rings, furs, sewer back up, etc.