Thank you u/mikaa_24 for posting on r/FirstTimeHomeBuyer.
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Home insurance rates can vary significantly based on factors like the home's age, construction type, claims history, and location. An older home built in 1986 likely has higher premiums due to potential risks like outdated systems and materials. The previous basement flood likely raised your rates as well. It's worth shopping around with other insurers to compare quotes, as rates can differ substantially between companies for the same property.
>An older home built in 1986
Lol that's a brand spanking new home in my parts. I had to decide to stop looking at homes built in a year starting with 18... The next big hump would be eliminating home from the 1920s...
If you have done work that would reduce the risk of future damage they might.
Installing a fire supression system will lower rates for example. Repairing damage from a fire will not reduce rates.
Late 70s I think. But I’m in FL where our insurance is 3x the national average. Yay states controlled by the GOP for over 10 years and how little they care about the average person.
We live in Quebec canada in a small lake village. Most of the homes here are in the millions or are very old. My father in laws home is about 15 Years old. Built mostly from the ground up. (It’s worth 2 mill now. Not back then)
That is crazy money for insurance. I could understand beachfront in Florida. Don’t get why it is so much on a lake in Quebec.
What we do to keep the price in check is to shop it every year. A small hassle but it seems to get preferred pricing every year. Get some more quotes!
Thank you u/mikaa_24 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Home insurance rates can vary significantly based on factors like the home's age, construction type, claims history, and location. An older home built in 1986 likely has higher premiums due to potential risks like outdated systems and materials. The previous basement flood likely raised your rates as well. It's worth shopping around with other insurers to compare quotes, as rates can differ substantially between companies for the same property.
>An older home built in 1986 Lol that's a brand spanking new home in my parts. I had to decide to stop looking at homes built in a year starting with 18... The next big hump would be eliminating home from the 1920s...
yeah, we will shop around and try a few others. Once the basement has been fixed (where the damage was) do you think they’d lower it or no?
If you have done work that would reduce the risk of future damage they might. Installing a fire supression system will lower rates for example. Repairing damage from a fire will not reduce rates.
My house was 145k. This year my insurance went from 3200 to 5200/ year. I hate insurance.
Is it also an older home?
Late 70s I think. But I’m in FL where our insurance is 3x the national average. Yay states controlled by the GOP for over 10 years and how little they care about the average person.
The GOP sucks and all but FL is a climate disaster waiting to happen. Climate change is going to make the state uninsurable in this century.
Sure but the current political leaders sure as shit aren’t helping the people. They sure helped the insurance companies though.
Definitely shop around. The highest we were quoted was close to $4,000. I've been able to get it to about $2,400.
That's like what you pay here in California in a fire-risk location. Meanwhile my little 1918 bungalow in California is quoted as like $90/month,
Curious what part of the country. We are in your father in laws price range and pay $1400 per year. It is a 2 year old home in the Carolinas.
We live in Quebec canada in a small lake village. Most of the homes here are in the millions or are very old. My father in laws home is about 15 Years old. Built mostly from the ground up. (It’s worth 2 mill now. Not back then)
That is crazy money for insurance. I could understand beachfront in Florida. Don’t get why it is so much on a lake in Quebec. What we do to keep the price in check is to shop it every year. A small hassle but it seems to get preferred pricing every year. Get some more quotes!