1st property Insurance rate recommendations?

[Kyle K.]

I'm in Western New York, I'm trying to learn while saving for a down payment. I'm looking in the $100,000-$150,000 range. Any insight or things I should consider would be appreciated. Trying to practice calculating deals but I don't know what insurance might cost me. Thanks. 

[Kevin Blanchard]

@Kyle K. I think your best bet is to simply call 2-3 insurance companies, and give all of them same property (123 Main St.) and see what they come back at. It doesn't necessarily have to be the property that you are closing on, but perhaps it is a similar property to what you are looking to purchase, i.e. same town, same # of bedrooms, same # of baths, approximate sq.ft., etc. That will allow you to come up with a good budget number for the future and you are already starting to vet which insurance companies will offer the best prices. By the way if you do this, make sure you are going to compare apples to apples, meaning that if one insurance company says they are insuring your replacement cost at $100,000, make sure the 2nd insurance company is at this same replacement cost. Last thing you want to do is try to compare companies that are giving you two very different coverages.