What is a normal cost of home insurance for a house worth $200,000?
How can we estimate the cost of home insurance? We are looking to purchase a home and are trying to figure out what the cost of our insurance will be. Is there a way to tell?
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Answered on Jul 20, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“The cost of your home insurance will depend on a variety of factors, similar to how car insurance rates are determined.
When a home insurance company determines a rate for an insured, they often look at:
- credit history
- type of home
- claims history
- type of coverage you’re looking for
If you have an older home or live in an area prone to natural disasters, your home insurance is likely to be more expensive. Having a home worth more will also increase your premium as you require a higher amount of dwelling coverage.
To estimate the cost of your home insurance, you’ll need to request quotes from home insurance companies.
If you currently have car insurance, you should find out if your carrier offers home insurance. They may be able to bundle your policies to save you money.”
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