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First time home buyer

We are trying to buy a home and possibly making an offer today. This house is $139,000 i havent been able to get an insurance quote over the weekend does anyone know aprox what it could be a year. Anything else i should be aware of when buying for the first time? Thanks


Asked by Fairy_Wings at 11:31 AM on Mar. 21, 2010 in Home & Garden

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Answers (4)
  • Our house was about $120K and our insurance is $515. We pay it with our mortgage, though. We pay about $375 once a year for flood insurance and that is separate. Evidently flood damage is not covered under normal homeowner's insurance.

    Answer by Anonymous at 1:22 PM on Mar. 21, 2010

  • A lot of that depends on your area. I know in our area, building a home costs about $100-$110 a square foot. A lot of times you also have to figure up the costs to rebuild and costs for materials to go up. While our home is valued at $98,000 we have it insured at $167,000 because it is a 1600 square foot home and it would cost about that to re-build it.

    Answer by Anonymous at 1:49 PM on Mar. 21, 2010

  • Also a lot of policies do not include flood, earthquake and so on protection.

    Answer by kc932 at 1:50 PM on Mar. 21, 2010

  • Insurance quotes are different from state to state and flood damage is a seperate FEDERAL policy.
    Make sure you have your down payment. Pay for the title insurance. Get the inspection.

    Answer by twinsplus2more at 2:45 PM on Mar. 21, 2010