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RP1
11-09-2005, 04:58 PM
WE just bought a new house for a little over a Mill $ and the property ins. is $2500 a year including earthquake. Is this right? It almost tripled from the $600K house we were in.

Kilrtoy
11-09-2005, 04:59 PM
Sorry cant feel it for ya on this one...
So what does a ONE MILLION DOLLAR HOUSE LOOK LIKE....

Cole Trickle
11-09-2005, 05:14 PM
WE just bought a new house for a little over a Mill $ and the property ins. is $2500 a year including earthquake. Is this right? It almost tripled from the $600K house we were in.
When you insure a bigger house everything goes up.(Make sure you have a 1K ded as you can't afford to use a 500.00 ded these days anyways)
Dwelling
Other Structures
Personal Property
Etc...
$2500 a year is not way out of the question Including EQ coverage (Rip off in my opinion if you went througt the CEA) but might be alittle pricey.
If you PM me some info I can shop it for you to keep your agent honest.
year built
SQ footage
How many stories
Pool/Jacuzzi?
roof
claims?
Address
Brandin

Cole Trickle
11-09-2005, 05:15 PM
Sorry cant feel it for ya on this one...
So what does a ONE MILLION DOLLAR HOUSE LOOK LIKE....
In certain areas of South OC it can look like a 300K Havasu House. :frown:

Dribble
11-09-2005, 05:18 PM
Sorry cant feel it for ya on this one...
So what does a ONE MILLION DOLLAR HOUSE LOOK LIKE....
In Mission Viejo it probably looks something like this.
http://www2.***boat.com/image_center/data/520/3651930693_Shack2.jpg

Ziggy
11-09-2005, 05:20 PM
Tract homes in certain areas are that much...big yes but within Grey Poupon sharing reach of the next house.

2Driver
11-09-2005, 05:23 PM
All depends on rebuild cost per square foot and nothing to do with what you paid. We provided underwriting software for this purpose to most all the major insurers. In addition,we are all paying for past hurricane cost and mold claims so join the club, mine was $2,200 year.
If you put in a claim you can see a huge jump and might limit yourself to getting insurance from somewhere else in the future to boot. I moved my deductible to $5,000. It cut my premium in 1/2. There is no way I would think of submitting a claim for less than that for fear of the premium wrath that be upon me. :notam:

Kilrtoy
11-09-2005, 05:27 PM
What is the property tax on something like that

YeLLowBoaT
11-09-2005, 05:52 PM
Really 2500 is not that crazy for a 1 mil house. Just think how much you could lose if something bad happends. Talk to your agent I am sure there is away to get that down.

NorCal Gameshow
11-09-2005, 05:57 PM
What is the property tax on something like that
my guess is one grrr per month.

MagicMtnDan
11-09-2005, 06:01 PM
I knew a guy who bought a $75,000 BMW and then complained about how much it was to insure it. :hammerhea

Supultlbich
11-09-2005, 06:10 PM
WE just bought a new house for a little over a Mill $ and the property ins. is $2500 a year including earthquake. Is this right? It almost tripled from the $600K house we were in.
You own a million dollar home, $2500.00 shouldnt keep you up at night should it?? Anyway I think the earthquake policy might have something to do with the high premium.
I

That Guy
11-09-2005, 06:50 PM
With earthquake....not bad at all.... :D

H20 Toie
11-09-2005, 06:59 PM
You own a million dollar home, $2500.00 shouldnt keep you up at night should it?? Anyway I think the earthquake policy might have something to do with the high premium.
I
You don't get to the point that you can afford a million dollar house by throwing money away and i would not want to spend any more then i needed to so it sounds like a good question, i don't think it's a matter of if he can offord it but if he is getting ripped off.

Kilrtoy
11-09-2005, 07:07 PM
You don't get to the point that you can afford a million dollar house by throwing money away and i would not want to spend any more then i needed to so it sounds like a good question, i don't think it's a matter of if he can offord it but if he is getting ripped off.
NO.. I pay 900 for a house 1/4 of that price...
and my boat insurance is over 1k more a year than that....

INSman
11-09-2005, 08:05 PM
He is not getting ripped off, the EQ coverage is pretty pricey and the coverage pretty much sucks in comparison to the policies you could get back in the early 90's

Phat Matt
11-09-2005, 08:13 PM
I didn't think anyone bought earthquake insurance.

INSman
11-09-2005, 08:22 PM
I didn't think anyone bought earthquake insurance.
Most don't becasue they are leveraged to the hilt and have very little equity to worry about, so it will be the banks problem if something BIG hits.
Smart money would buy EQ if you have tons of equity to protect, I say the further we are from the last big one the closer we are to the next big one :frown:

PHOTOGLOU
11-09-2005, 08:23 PM
What is the property tax on something like that
about 12k year

Nord
11-09-2005, 08:25 PM
I pay about 650 a year
My house is worth about 629,000
That used to be a lot of money :hammer2:

Big Kahunaa
11-09-2005, 09:07 PM
One mill in the BHC will get you on the river with beach and your own lanch

HocusPocus
11-09-2005, 09:10 PM
one mil in the high desert will get you 3 homes, each on 2 1/2 acres on a dirt road.. or 3 homes on 1 1/4 acre on pavement. :)

THOR
11-09-2005, 09:12 PM
I pay 5500/year for mine in HB.

SoCalOffshore
11-09-2005, 09:48 PM
i pay about $6,000 for both with a home valued over $2m. sounds pretty good. although it sucks.

RP1
11-10-2005, 03:56 AM
Sorry cant feel it for ya on this one...
So what does a ONE MILLION DOLLAR HOUSE LOOK LIKE....
Not much actaully. 3,000 Sq. Ft. on 9,000 sq. ft. lot in No. O.C. I bought about the same property seven years ago for $300k. It's this damn market that leaves you with such high costs.

RP1
11-10-2005, 03:57 AM
Most don't becasue they are leveraged to the hilt and have very little equity to worry about, so it will be the banks problem if something BIG hits.
Smart money would buy EQ if you have tons of equity to protect, I say the further we are from the last big one the closer we are to the next big one :frown:
Correct... I have $325k worth of equity going into this place and would hate to end up with nothing but a piece of land.

RP1
11-10-2005, 04:02 AM
You own a million dollar home, $2500.00 shouldnt keep you up at night should it?? Anyway I think the earthquake policy might have something to do with the high premium.
I
I would'nt buy anything that would keep me up at night for any reason.
I agree that the eq plays a big role and was just curious if this was all on track with what others pay.

CNeidhart
11-10-2005, 05:23 AM
Your Insurance is based on;
Your FICO score
The CLUE report on you and THE HOME.
and replacement value.
If you can purchase a 1mil home the FICO must be ok. I would ask for a copy of the CLUE report. There might have been an issue with the home before you purchased it. Or maybe you have made excessive claims in the past. That amount seems very high.

RP1
11-10-2005, 05:27 AM
Your Insurance is based on;
Your FICO score
The CLUE report on you and THE HOME.
and replacement value.
If you can purchase a 1mil home the FICO must be ok. I would ask for a copy of the CLUE report. There might have been an issue with the home before you purchased it. Or maybe you have made excessive claims in the past. That amount seems very high.
What is the CLUE? I need to lood into that. No past claims and FICO is 760, so I don't think those are a problem.

BiggusJimbus
11-10-2005, 05:48 AM
Sorry cant feel it for ya on this one...
So what does a ONE MILLION DOLLAR HOUSE LOOK LIKE....
It looks like the 330000 dollar house I bought 6 years ago.
:eek: :eek: :eek: :eek: