Need to find home insurance for first SFH

[Nhi L.]

Hi Everyone, 

I am purchasing my first SFH, and I plan to live there for a year and share 2 rooms with 2 other tenants, to reduce the cost. Then I will rent out the entire house the next year.

Could you please recommend someone I can contact to get an insurance quote? I just reached out to 1 of the broker that I know and he quoted us $3700 for my SFH with a single story, and about 1600sqrt at zipcode 76016, the roof is less than 5 years old. .... I know the home insurance has gone up in the last few years due to weather, but didn't expect it to go up this much.... our estimate was $2200 for home insurance, and it seems like it has gone over that .... we are also out of option period so we probably cannot back out of it now ... 

Thank you for all the advice and recommendations!

[Alecia Loveless]

@Nhi L. Reach out to additional insurance brokers. Each will have a different set of options. Be sure to follow up if you don't hear back, for a SFH they should be able to work up a quote same day.

For hat it’s worth ivermectin got 2 multi families on a policy that’s about $3400 so your quote does seem high.

It will also depend somewhat on the price of the house and the method they use for determining the payout. Actual cost vs replacement cost.

[Nhi L.]

Quote from @Alecia Loveless:

@Nhi L. Reach out to additional insurance brokers. Each will have a different set of options. Be sure to follow up if you don't hear back, for a SFH they should be able to work up a quote same day.

For hat it’s worth ivermectin got 2 multi families on a policy that’s about $3400 so your quote does seem high.

It will also depend somewhat on the price of the house and the method they use for determining the payout. Actual cost vs replacement cost.

Thank I am trying to do that. probably will try to call multiple brokers and see what they say...

[Tony Wilcox]

For multifamily homes in that area of Texas for full replacement cost that seems right in the ballpark. I haven't seen anything below $3,000 in Texas for RC in a couple years unless the home is brand new. 

[Nhi L.]

Quote from @Tony Wilcox:

For multifamily homes in that area of Texas for full replacement cost that seems right in the ballpark. I haven't seen anything below $3,000 in Texas for RC in a couple years unless the home is brand new. 

 yeah my parents and brother both got home insurance below $2000 that is close to that area, and they just renew it recently too, so I thought our estimate would be correct.... and the option period is already passed, if this doesn't seem to be good deal anymore, we can just back out of it and lose earnest money right ?

[John Mocker]

Nhi,

I would advise quickly quoting and pulling the trigger on the Homeowners Insurance ASAP.  With the results of Beryl being tallied you can bet that some of the companies will be tightening restrictions and some may stop writing.  

[Nhi L.]

Quote from @John Mocker:

Nhi,

I would advise quickly quoting and pulling the trigger on the Homeowners Insurance ASAP.  With the results of Beryl being tallied you can bet that some of the companies will be tightening restrictions and some may stop writing.  

thanks, John, that's what the agents telling me too. Could it be because of that, small insurance companies stopped writing policies, and big insurance companies are hiking the prices as well?... Even though my area didn't even get a single drop of rain during Beryl? ...

[Tony Wilcox]

Quote from @Nhi L.:

Quote from @Tony Wilcox:

For multifamily homes in that area of Texas for full replacement cost that seems right in the ballpark. I haven't seen anything below $3,000 in Texas for RC in a couple years unless the home is brand new. 

 yeah my parents and brother both got home insurance below $2000 that is close to that area, and they just renew it recently too, so I thought our estimate would be correct.... and the option period is already passed, if this doesn't seem to be good deal anymore, we can just back out of it and lose earnest money right ?

 I assume you checked with their agent then?

[Nhi L.]

Quote from @Tony Wilcox:

Quote from @Nhi L.:

Quote from @Tony Wilcox:

For multifamily homes in that area of Texas for full replacement cost that seems right in the ballpark. I haven't seen anything below $3,000 in Texas for RC in a couple years unless the home is brand new. 

 yeah my parents and brother both got home insurance below $2000 that is close to that area, and they just renew it recently too, so I thought our estimate would be correct.... and the option period is already passed, if this doesn't seem to be good deal anymore, we can just back out of it and lose earnest money right ?

 I assume you checked with their agent then?

 yep I checked with their agent also, and he just citing due to weather recently, cost has gone up