Home Owners Insurance question?? (HOA fees, loan, house)

[djrman]

Hello all, I am seeking some advice on home owners insurance. I was recently quoted from my auto insurance co amount of $850 for basic which covers just the loan amount. The other quote was $1500 for rebuild everything from ground up in case something big were to happen. This also would protect my personal property. They both don't include flood protection. Then again, the home isn't on a flood plain. The home was built in 1978. Do ya think it's worth forking over the $1500? This will be my first home and am somewhat undecided. I am also going to purchase home owners insurance for $350 for the year. What do ya think? Any feedback would be greatly appreciated.

[Poltracker]

What is the size of the house and approximate area? $1500 seems pretty high but it depends on where you are at and how big. Even though you are not in a flood plain, it is wise to consider flood insurance.

[rmilleta]

I am paying around $1,000 for a $350K property. No flood insurance since I am not in flood zone and there is no history of flooding in my area.

[sunny57]

...no history of flooding...Famous last words, totally unimportant until you get flooded. Look into a policy, it's relatively inexpensive... if your not in a flood area. Well worth the expense. Sunny

Originally Posted by rmilleta

I am paying around $1,000 for a $350K property. No flood insurance since I am not in flood zone and there is no history of flooding in my area.

[tstone]

That's what I'm saying. If you can afford a 350k property, w/ taxes, insurance, maintenance, HOA fees, utilities, and possibly his & hers SUV's, but skimp on the flood insurance, which comes out to $30/mo, anywhere in Southeast Texas, something is painfully wrong.

[MissDaisy]

Originally Posted by sunny57

...no history of flooding...Famous last words, totally unimportant until you get flooded. Look into a policy, it's relatively inexpensive... if your not in a flood area. Well worth the expense. Sunny

Hi Sunny57, Miss Daisy once again...we didn't get flood insurance in Graystone Hills, since it is well, hilly, and the first floor is from the street what would be the second floor, but judging by your post, maybe we should not feel SO comfy and safe....I figured we were high and dry.....?

[SkyeAnjel]

Flood insurance is very cheap if you are not in a flood zone, so even if you are unlikely to flood, get it anyway. I think it is around 300./yr for non flood areas. Better to be safe then sorry.

[EasilyAmused]

Honestly, a tropical storm sits over this town for 2 weeks, anybody can flood.The lake starts to flood, the bayous start to back up, gutters crammed with crap can't handle the pressure.... Always spend the 300 bucks a year.

[MissDaisy]

SkyeAnjel and Easilyamused...point well taken. I am calling my farmers agent Monday-$300 annually = $25 monthly...no brainer..Thanks to you both!

[tstone]

Remember once you buy flood ins, coverage takes effect 30 days after you buy it, then goes for 12 months. Or that's how it was when we got it in 2006.