What is the cost of Home Owner’s Insurance?

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I’m going to be buying a home and would like to know if anyone knows what the approximate cost would be for HO Insurance? I already have Renter’s Insurance, and would like to know if the price difference is dramatic or not.
The home is 1902squ. feet, 4 bedroom, built in 2006,I am purchasing the home for just under $ 100,000, it is worth a lot more than that, as its a foreclosure.

  1. Reply
    June 26, 2011 at 8:30 am

    It depends on how much it costs to rebuild, NOT your purchase price. And it depends on your credit score, where it’s located, etc.

    You’re probably looking at somewhere between $ 1,000 and $ 10,000, depending on a wide variety of factors.

  2. Reply
    Poisonous Porkipine
    June 26, 2011 at 9:19 am

    Homeowners insurance is usually much higher than your Renters policy.

    Homeowners prices vary by credit, location, what kind of deductible you want, whether you have any claims, if you have an auto with the same company (you can get a multi-line discount) and what the replacement cost of the home is.

    Just like previously mentioned, the insurance is based off what is cost to rebuild your home, not how much you paid for it. Insurance companies have a tool that they can use to find out an estimate of your home replacement value. They will ask you questions such as square footage, year built, how many beds/baths, how many stories, unfinished or finished basement, ect…

    I work for an insurance agency in IL, so as an estimate for my area.

    The average i see for homeowners policies are between 450-800 a year, for homes under 250,000. The average renters policy in our area is between 100-200 a year. Of course this does not really help you if you are not in my area.

    I would suggest getting a quote through the company that you have your renters policy through. Since you have a policy currently they maybe able to transfer that policy’s money to the home. Also they can transfer the amount of time that you’ve been with them to the home, so that if you have a claim it shows you’ve been with them longer! 🙂

    Good luck!

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