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Is it possible to get homeowner's insurance for 300 dollars a year? |
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Answer
Sure you can, but there are a lot of variables to consider: your credit history, the value of the home, where is it located, past claims history, etc....
Answer
The items above are factors in pricing but omitted the biggest issue which is coverage. What are you buying for $300? If you undervalue your home (statistics say 62% are under insured) and it burns down and it takes and you $100,000 out of pocket to rebuild what has a $300 premium bought you? Similarly if you under protect yourself by choosing a very low liability coverage and get sued, the house you are protecting may belong to the person suing you.
I always prefer to see proper coverage offset with higher deductibles. Under either scenario you only have the loss in the event you need to file a claim but I would rather see a $2000 deductible exposure than a $100,000 - $300,000 exposure due to insufficient coverage.
First answer by Mike in Michigan. Last edit by Critmark. Contributor trust: 254 [recommend contributor]. Question popularity: 200 [recommend question]
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