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I'm being quoted $1,750 per year for homeowners insurance on a log cabin in Harmontown, MS. Seems kind of high; about twice what I was expecting. I've never had a quote for homeowners in a rural area, but that about made my knees buckle.
About to make me reconsider this Sardis Lake fish cabin altogether.
Probably got alot to do with it being a second place instead of primary residense.
Two things making it high
1) rural- check the fire department response time and the dept's rating.
2) log- huge fire risk
It will be my primary residence.
Being log construction probably has a lot to do with it.
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most insurance companies will only insure a home for actual replacement cost and probably figure that at 180.00 a sq ft. some might be lower. if you don't have it insured for at least 80% of the replacement cost they penalize you. that and it being in an area away from the nearest fire dept. you can find a company that will insure it for x dollars but again you have a loss and you get penalized.
Thats cool, thought it was gonna be a second place.Quote:
Originally Posted by ATM
Shop it just dont get something that isnt "REPLACEMENT COST". Ask for it and be sure you have it otherwise when you have a claim they will adjust things due to age and you wont be happy with the settlement.
I went through the same mess when I bought my house on Ky Lake. I got a quote from Nationwide and the yearly premium was going to be over$2000 for a $100,000 house. I went to Farm Bureau and got the same coverage for $650 per year. Ended up switching my house, boat, and trucks over to them as well and saved a bunch of money.
I did stay at a Holiday Inn last night. That does seem high just paid mine for the year and it was 2300.00 for the year on a 400k house.
My offer on the cabin is $72,5000 and they are figuring the replacement cost at $120,000. Using each figure only made $50 difference in the premium. I think I need to do some shopping.
Get em to print you out what all it will cover too ATM, compare apples to apples. One line in an insurance policy can change to hole thing.
Good luck
I'm an expert on payin insurance, and gettin a bad deal on it!!!
Big River Marine
Bill Burnett
870-635-0202
You buy the house, I'll pay the insurance, and like the hotel chain says, KEEP THE LIGHT ON!!! ;-)
Big River Marine
Bill Burnett
870-635-0202
You have two things working against you.
First it is a log cabin. I looked at building one a few years ago. Insurance is why I didnt build it. My insurance representative told me that insurance companies look at it like this...... If something happens to the bottom logs major money to repair.
Second is rural volunteer fire department. Their protection class rating is a 10. The worst/highest you can get. The chances of a total loss from fire is very high.
Those rural fire depts always save the LOT!
Quote:
Originally Posted by Bigwill
Not sure about response time and all but there is a Firestation there close isnt it. May not help if its not manned tho.
Tell em you know Feelay
Fire dept. Is right up the street. But it is volunteer. So maybe response time is a factor.Quote:
Originally Posted by tritonman
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You need to find out their rating. Most volunteer dept's rate between 8 & 10
Seem's to me a standard built house would burn up faster than a log house.Set a 2x4 on fire and a whole log on fire and see which one catch's on fire the easist and burn's up the fastest.
I second this, learned that last week in risk and insurance... Knew school would pay off eventually!Quote:
Originally Posted by olduckhunter
Ah gator we have a top notched fire department, fully manned 24/7. My house payment went down 30 per month when I had one.
Sometimes it doesn't matter, rural fire departments don't get very good ratings... But I think you should get another opinion
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