I'm looking into buying a house in the area, around 8 1/2 and Mound and the cost of home insurance is about twice that of comparable areas. Why is this so? Is there a high crime rate I should be aware of?
2007-02-27 04:27:04 · 6 answers · asked by Phil M 1 in Business & Finance ➔ Insurance
You OBVIOUSLY haven't shopped for homeowners insurance in Florida recently!!
I have no idea why one town in MI is more expensive than another, but "redlining" areas by claims ( like crimes) is illegal.
Most likely, it's a fire protection issue - either the fire department is all volunteer, instead of paid, or the fire hydrants aren't every 2,000 feet throughout the whole area, or something like that.
But you can ask the local agents about the exact reason, the ones that are giving you the quotes - and they should be able to tell you!
2007-02-27 07:51:22 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
More info would be helpful...like how much are you looking to insure the home for, age of the dwelling, construction, updates to the systems, etc. Also, if you've been shopping different places for a mortgage your credit score may be temporarily out of whack.
Remember insurance companies don't base their premiums soley on the amount of the dwelling coverage. Many other factors can come into play like credit history, loss history and in some cases, education level.
2007-02-27 07:51:11 · answer #2 · answered by van_at_lincoln 3 · 0⤊ 0⤋
There are many factors that could make this true.
Is the roof peaked or flat?
What is the age of the house?
The square footage?
What building materials are used?
These factors can affect premium just as
much, if not more than the location of the house.
2007-02-27 04:52:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
who said just in warren MI?
2007-02-27 04:44:19 · answer #4 · answered by ? 5 · 0⤊ 0⤋
Its very expensive here in Houston also.
2007-02-27 04:34:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
some are cheaper
2007-02-27 06:45:43 · answer #6 · answered by ebuythismobile1 2 · 0⤊ 1⤋