OT - Any Insurance guys on the board?

0.5% to 1% of value for annual premium is normal.

Divide by 12 for monthly

Thanks rig...Thats interesting.

The place is only worth about 125k, im paying 100k and the lowest quote ive been given is 2400.00 per year. I feel like i am being quoted to insure a gasoline soaked barrel of tissue paper.

The place is in good shape, recently renovated and repaired...and shares a driveway with a half million dollar home...makes me wonder if they are quoting the wrong property.

I thought va and fha required inspection

Absolutely quoting wrong property.

No...buying from a guy who is also a veteran though and he has it insured through USAA for about 75 a month. I was a retard while I was in and never signed up for USAA while I was active duty.

Lender hasn't said anything about an inspection yet...but, of course they didnt say anything about paying for the appraisal separate from closing until after the appraisal, so who knows what joys await me next week?

Yeah, that quote is way out there. Should be $1000-$1200/yr.

DawgHolliday I am a independent insurance agent email at Russ@Siainsurance.net. I represent Auto-Owners and Hanover that have good rates and coverage. Are you planning on renting the house or is the house vacant?

Thanks. I'll check into that.

I sure to the replacement value - not the purchase price. Also - don't include the cost of the lot or land. Depending on the finish this could vary widely from the purchase price. I don't know what the construction values are now but $125 to $200 per sq ft would be in the ballpark? A builder would know.

If you have a 1200 square foot house on 50 acres you obviously don't want to insure the purchase price.

I don't know what a benchmark is worth because a house with builders grade shite will be less than insuring a high end property with high end finishes. The average per house is bullshite - unless you want to replace yours with an average house if the whole thing burns to the ground. Average houses don't have wood floors, granite, trim, all brick, etc.

Once you get the value right then shop it. That's the only way to tell who has the best deal.

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Im buying a house...not a mansion, not a palace...nothing super special. Ive never had a claim on a home owners policy, and the average premium for GA is 77 dollars a month for 2017.

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Had the same issue buying ours in May. Bought a brick ranch in Oconee County (about $40k more than the one we just bought) in 2008 and only paid about $550 a year with State Farm. Fast forward to 2016 and the cheaper house, roughly same size, in a cheaper county was being quoted to me in the $1,300 range. I ended up finding a higher deductible option with Allstate for about $860 a year (deductible is $2,500 instead of $1,000, but if you listen to Clark Howard, he'd tell you to go with the highest deductible you're comfortable with).

Good luck, man!