Tampa, FL · Member since 2016 · 27 posts · 4 votes
What's a reasonable range for homeowner's insurance for a fully remodeled older home? This is my first time buying a house and getting an insurance. The house is built 1920. New electrical, plumbing, HVAC, water & heater in year 2016. Metal roof replaced in 2000. The quotes I got so far the highs in $3000, but lowest below $2000. What's a good range for a 1-story single family house like this?
Insurance Agent · Seattle, WA · Member since 2010 · 63 posts · 27 votes
9y
@HuipingSheng @Lin Ding These quotes are pretty spot on. I have seen rates from $1700 to $2500. Insurance companies typically rate older homes higher. Usually, unless the home is taken down to the studs they will not give it a newer home credit. They believe probabilty of loss is higher because of the age of the home care and condition, plumbing and electrical systems. You may want to ask what increasing your dedct. will do to the rate.
Naples, FL · Member since 2016 · 37 posts · 25 votes
9y
Our experience in SWFL with many single family rentals and our primary residences is a $1000 to $2000 range for 1500 to 2000 sf (replacement cost of about $100/sf). Here, the largest factor is the age of the roof due to Hurricane zones. We have gone from $2000 premium to $1100 premium with a new roof. I am told by my insurance agent that the building code (including secondary water proof layer and roof attachment type) has changed and a newer roof will get you the discounts. BTW - don't forget about flood insurance quotes - know your flood zones before you purchase (those can go from $0 to $5000 per year!). We spend most of our time on insurance and property management items in this part of FL.
Tampa, FL · Member since 2016 · 27 posts · 4 votes
9y
Thank you @John Verduzco. I'm planning on house hacking this SFH by living in one and rent our the other rooms. I'll manage the property for now to learn first-hand tenant & property management. When I move out and hold this as a rental, then I'll factor prop. management in. This house is not in a flood zone so I don't need the flood insurance. And yes the insurance is more expensive than I expected. The house is about 1400 sqft living space. And I think the main reason is the roof was last replaced or updated in the year of 2000 and was not replaced during this renovation so I didn't receive any wind miti credits or discounts. I do plan to put a new roof if I end up holding it long-term. Good to know the premium is going to be lower with a new roof. Where can you find about the building code info potentially affecting the insurance?
Insurance Agent · Seattle, WA · Member since 2010 · 63 posts · 27 votes
9y
@HuipingSheng @Lin Ding These quotes are pretty spot on. I have seen rates from $1700 to $2500. Insurance companies typically rate older homes higher. Usually, unless the home is taken down to the studs they will not give it a newer home credit. They believe probabilty of loss is higher because of the age of the home care and condition, plumbing and electrical systems. You may want to ask what increasing your dedct. will do to the rate.
Tampa, FL · Member since 2016 · 27 posts · 4 votes
9y
The insurance told me the highest deductible is $2500. $5000 is not feasible for this house. Even though the seller told me when they renovated the house, it's treated as a new construction because it's gutted to the bone. All 4 points are new. But the quote is still high. I'll plan to get a new quote after I install security system and placing new roof down the road.