NLIC.org

Sue Said:

Lower assessment = lower home owner insurance premium?

We Answered:

details differ by state. some states require "replacement cost" insurance coverage under which, if a fire burned the house down, the insurance company would have to pay to bulldoze and remove the charred remains and then rebuild the house as it was. in those states, changes in taxable value likely have no relationship to the potential costs the insurance company would have to bear.

other states allow lesser coverage for persons who do not owe on their homes [if you owe, the mortgage contract requires at least enough coverage to pay off the mortgage] and in that case and those states, you may have a valid point. Be warned, though, if you suffer a 20% loss under such a policy, the insurance company only has to pay 20% of the appraised value, whether that will rebuild the house or not.

Kirk Said:

What is the typical home insurance premium for a $90,000 home in Oklahoma City?

We Answered:

contact an Independent Insurance Broker for the estimated cost of the insurance premium..check one out from the Yahoo Yellow Pages for the community you want..call the chamber of commerce for a city in the area to find out possible utility costs for the area, or call a Realtor,home broker, for utility and other homeowner costs and details...i lived in Oklahoma City for a while- i was married to an Okie..very nice area, good family atmosphere there..good luck to you

Christine Said:

My father forgot to pay a home insurance premium. Our insurance was cancelled. How can I get new insurance?

We Answered:

Something doesn't make sense. Is there something wrong with the house, does it need paint, new shingles?? Did you sign an application for a new policy? Insurance companies will accept a payment unless they are unable to insure the house for some reason. There is something else to this story that you either don't know or aren't telling us. Contact the companies that wouldn't accept the payment and find out why

Ann Said:

Home insurance policy premium?

We Answered:

You are required to keep your protection at the replacement cost of the policy in order to keep all the provisions of the policy, especially any replacement guarantees. One of the major reasons homeowner rates have gone up is due to the costs of natural disasters over the last two years. Not only have they hurt the insurance companies bottom lines, but with all the rebuilding going on, the prices for building materials around the country have risen.

Sherry Said:

What are some ways to reduce one's home insurance premium?

We Answered:

1. Most insurance companies offer discounts is your home and auto insurance are though the same company.
2. Many offer discounts for Deadbolt locks, Alarms, and fire extinguishers.
3. Comparison shopping is always a good plan.