I know car insurance is completely outrageous, but what would one expect to pay for house insurance on say a $69,000. property in East English Village or Green Acres?
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I know car insurance is completely outrageous, but what would one expect to pay for house insurance on say a $69,000. property in East English Village or Green Acres?
What materials is the construction of the house? Insurance is based on replacement value so a brick house costs much more to insure than a vinyl sided house. It doesn't relate to the price you're paying.
If it was a typical Green Acres/EEV brick 3 BR/1.5 bath - 1,500 sq ft you should expect around $1,600/year.
Thank you. This has been most helpful.
My sister pays 157 per month for 89 k in EEV. Beautiful brick home, maybe 1800 sq ft. Green Acres awesome, EEV awsome, great homes, good neighbors. Happy hunting. Car insurance, make sure your car lives elsewhere.
Depends if you WANT a replacement cost policy. You can get a actual cash value policy for less then an RCV policy would cost. Your credit rating, previous claims and many other factors other then location come into play. Insurance in the city itself is very expensive, it's one huge rip off.Quote:
Originally Posted by belleislerunner
This is the compensatory alternative to the fact that the houses themselves are so cheap. By comparison, I have a $350,000 house in Montreal...and my home insurance is is about $850/year.
Sorry i was being a bit flip, my car actually lives in Brightmoor, a very depressed part of the city, second car on an AARP policy, via a close friend. No guilt what so ever, still a tad expessive but yes, we keep our money in the city.
We have excellent credit but not sure why?? Haven't borrowed a penny since 1988. Apparently we pay our bills for utilities on time. Sometimes I am clueless. Thought we were off the radar, but appaerently not.
Welcome canadian friend, my husband worked for canadian government for many years. Many many Canadian friends. There is so much in common with Ontario and Detroit in particular.Quote:
Originally Posted by ThunderTrap
My sweet old home probably isn't worth much, maybe 110k, but insured for 1/2 a million ... garage... 46K no clue about valuation, $189 monthly. Sweet old thing, arts craft home, love it, love my neighborhood. Not selling but in great condition. A home is a bit of a love affair, can't stop investing into improvements. Silly me, I really love my home, ghosts and all!
Well then maybe there's hope for me too. I've always compulsively avoided debt and have worried that I might be unjustly penalized for that sincere commitment to responsibility.Quote:
Originally Posted by sumas
Those usurious "credit score" bastards can go to hell where they know they belong. ;)
I so agree, some years back, our tax preparer offered to look up our score, we said cool, hope it is zero, it was. We did that little happy dance. So big surprise we have a high rating now. I understand a home mortgage but little else. Don't have that even. My kids didn't take our advice to heart, big debt. Hope they will learn, live with your income.Quote:
Originally Posted by Jimaz
Annoys me though to think auto insurance can be tied into credit scores.
Compulsive is a great word. We don't owe shit to anyone but boy do they try hard to get us into the "owe the company store" mentality. I like debt free. Wish credit cards were never invented.
Now the health care companys are the huge enemy. Stunned to hear what they want for coverage, paying, but still in sticker shock, fortunately for them, I am still healthy. Affordable care???? Sumas
Affordable Care = affordable is a sad joke. The [[most popular no doubt, due lowest cost) "Bronze" level covers what? 60%? How is the person who's been stretching to pay that so-called-affordable Bronze premium now supposed to pay the missing 40%?
Because the insurance industry has found that "strange" fire and theft losses and staged accidents increase as credit rating goes down. If you have a low credit rating, you are a "high risk client" just like a teenage driver.Quote:
Originally Posted by sumas
I think I have just been insulted. Zero debt is a big difference than "bad" credit. Our last primary car is alive and well on Detroits westside. Gave it to a friend when we bought our current car [[cash) it's 24 years old now and still running champion. I think at 25 one can purchase historic plates. Make note: give that car a party, January 2016. It was my Dad's car, he bought it [[cash) never saw it, he died in surgery.Quote:
Originally Posted by Hermod
Maybe people shouldn't buy cars they can't afford
Kind of like that car insurance ad, how do you drive on 3 wheels.Quote:
Originally Posted by Llama
Remember that insurance companies are betting that you won't have a claim while you are betting that you will have a claim. In figuring the odds, credit rating is a powerful predictor. While you may have a lower credit rating based on non-use of credit and be an honest and careful driver, the odds say a person with a lower credit rating is a bad risk.Quote:
Originally Posted by sumas
Just what is that based on?Quote:
Originally Posted by Hermod
Quote:
Originally Posted by David L
You didn't just happen to buy a house in EEV did you? Say for the 69,000$ ?
Based on pure bullshit. Unfortunately car [[and now health) insurance is mandatory.Quote:
Originally Posted by Honky Tonk
Certainly sounds like it. If I'm late on payments that makes me an incompetent driver?Quote:
Originally Posted by Gpwrangler
No clue if you live in Detroit but I guess the asumption is all claims must be bogus. Haven't driven in several years as I was legally blind. Surgery corrected that and was going to renew my licence [[I have a state ID) The state wants 300 plus for "driver responsibiliy" fees. Perfect record, no tickets and that just seems an insult. When I realized I shouldn't drive, I didn't. I am challenging that fee.Quote:
Originally Posted by Honky Tonk
Strangely, talking about debt, a neighbor called a short while ago. Seems for Detroit homeowners, we can borrow up to 25K with no interest as reported on channel 7. No interest on our part, but think I'll look into it. Just seems a little off. Too good to be true, usually, means just that. Some new poor sucker goes down that road to debt.
"The state wants 300 plus for "driver responsibiliy" fees."
Just WTF, [[pardon my French) is THAT all about and what is it for?
"Seems for Detroit homeowners, we can borrow up to 25K with no interest as reported on channel 7."
I don't think your neighbor has the story quite right. When I heard it on WDET yesterday, it was CERTAIN homeowners, and UP TO $25K. I'm not quite sure what the stipulations are. Here it is from the horse's mouth:
http://www.detroithomeloans.org/
Quote:
Originally Posted by ThunderTrap
You sound from your posts like an ex-Detroiter living in Montreal. What part of town do you live in TT?
Sounds like the rate scale I have comparative to our house value.
I know that car insurance in my part of town is about 2 or 3 hundreds more than where I used to live in Pointe-Claire. There are neighborhoods like Anjou where the rate is higher because the shopping malls in that part of town are prized by car thief rings. The crime rate is high enough that if you live near there; they make you pay. I think it has to do with the fact they are close to a highway that is near the tunnel to the south shore or the bridge to Laval and is an easy escape route off the island to the chop shops.
Don't know what the restrictions are in Detroit, but in Ontario historic car plates have a lot of restrictions for their cheaper premium costs such as you can't drive on highways and you can't drive at night...Quote:
Originally Posted by sumas
Very interesting, storing a car older than my husband for one of our sons. Really don't ask questions, grown kids get so testy. Hot car though! Dumb purchase.Quote:
Originally Posted by davewindsor
Those restrictions are rarely enforced here and driving at night is OK. I still put regular plates on my antique. Much safer than the lightweight crap they make now especially with a competent, trained driver at the wheel :)Quote:
Originally Posted by davewindsor
I haven't open that thread yet but will for a close friend today. Pretty much what I saw on the news said homeowner for 6 months or more and active homeowner insurance. Our friend was involved in a long drawn out estate issue. Apparently now resolved. Fortunately he isn't on this forum and the house is the pits. I really mean, as in disgustingly the pits, looks ok from the outside but I can't even go there. Allergies flare terrible. He has his attorney acting as fudiciary and wants desparately to clean things up. It's nice he wants to fix things, so help if I can but only from afar. Personally, I'd bag the house, fumigate it, get rid of absolutely everything.Quote:
Originally Posted by Honky Tonk
Every year about this time we do a budget. The insurance portion is unbelievable. Affordable health???? Cheaper to die.Quote:
Originally Posted by Gpwrangler
Note to me: prepay funeral expenses. Nothing special, cremation, scatter ashes.
Obviously it is based on insurance company actuarial research. If the correlations weren't significant, they wouldn't use it. Why do good drivers under the age of 26 pay higher rates? Based on the same type of research. Why are comprehensive auto rates so high in El Paso, TX? Same thing, there is a high rate of auto theft there. Why do you pay more for insurance on a Corvette or Mustang? Corvette and Mustang drivers tend to have more costly claims.Quote:
Originally Posted by Honky Tonk
I really wish DPD would plant some bait cars, around Corktown just for starters. Complete with recorded surveillance, please! What if it were possible to make conviction for car theft near-100% certain? Might our rates [[supposedly high due to theft/damage rates and to that unlimited health care factor) finally go down then? Might that be half the battle, at least?
Collision and comprehensive claims would add up to more than theft. They want $750 to fix a door dent in my sedan. Used to be able to get repairs done for a couple hundred or less.Quote:
Originally Posted by Llama
You can thank insurance for driving up the cost of repairs just like it has health care. If we paid out of pocket costs would be a lot less. Makes my blood boil.
Video only helps if someone's willing to ID the culprits, which in many cases they aren't.Quote:
Originally Posted by Llama
I wouldn't mind the credit score check if they actually let people challenge it. A low credit score may actually be the result of something out of your control, like medical bills from a catastrophic illness. There's a difference between someone with chronic credit problems and someone just going through a temporary hardship.Quote:
Originally Posted by Hermod
Thousands of people who lost their jobs,and had to struggle to put food on the table during the last recession, may have gotten behind on some of their bills. Did they all suddenly become a higher risk?
If they raise your premium for bad credit, what happens when you get in a wreck? Raise your premiums some more of course. Sounds like double jeopardy.
No but I know the property and it is a very good investment. Now is the time to buy in Detroit's best neighborhoods.Quote:
Originally Posted by warsaw7
Actually/realistically if police in Detroit responded to car theft calls [[they don't) like they did many many many moons ago more thieves would be thwarted. The thieves know this. Car gets stolen and the carless person has to get to the station, go through metal detectors, show id, made to feel like they are the criminals? The car is long gone by then.Quote:
Originally Posted by Llama
A girlfriend in Creekside watched her car being stolen and police refused to respond though it was a theft in progress.
Thieves, dealers, have police scanners too. Fortunately I have only called the police on very few occaisions. I am a reasonably tolerant person, did call the police once when at 3 AM very vulgar rap music was blaring, I really mean blaring. Made a call, the music stopped short and people fled the party. Police came, everyone gone. Felt a little stupid. More secure channels for police might go along way to reduce crime.
Boy do you have that right. I took a consumer law course once when mandatory car insurance was being discussed. I was assigned the anti [[mandatory) insurance dialogue. Wish I had that paper still, I was spot on. Had a lock popped once in GPP, car rifled not stolen. Dealer wanted $350 to replace lock,that was 10 years ago. Said forget it. Deductable $1000. Haven't made a claim in forty years on a car and 25 for a minor home insurance claim. Wish I had that money back for insurance payments.Quote:
Originally Posted by Gpwrangler
Detroit has some advantages, like lots of skilled people, out of work. Had a lock popped once again on my car, a retired fireman fixed, for $80 and keyed to the rest of the keys for the car. A drunk hit my car and several others, two summers ago, a laid off bump repair man did an amazing job for $20. My list is pretty good, an electrician, a plumber, a carpenter, wall washers, painters, tree trimmers, light landscapers, snow shovelers, auto repair, home nursing help, seamstresses and even caterers.
Sorry, I sounded a bit pompous. We give back to community too. We have a fixed income and are diasabled to varied degrees. If I kicked out all needed for insurances it would be more than half our income. If I sound pissed, I am, the only script my husband truly needs to live, isn't covered. Try $650 a month. I kind of like to eat and to fuel bogus insurances ????
Far cry from the thread, homeowner insurance. But frankly insurance, all of it, sucks.
Auto liability/property damage insurance is mandatory. Comprehensive and collision is optional [[unless you have a loan or are leasing the car). You can go bare or have a high deductible and save money.
Homeowner insurance is optional unless you have a mortgage. You can go bare or have a high deductible to save money.
Health "insurance" is a special case. For the young and healthy, it is insurance against an accident or sudden expensive illness. For the old, unhealthy, or both old and unhealthy, it isn't insurance, just someone to pay the bills so that you don't have to. It is health care and not health insurance. The philosophical question then becomes is it the duty of the government/community to provide healthcare?
Being on Medicare now, my views have changed. I used to be against socialized medicine [[having seen how military medical care was run and the VA still is). I guess I would support Medicare for all to take care of catastrophic illness. I would support using a Value Added Tax [[VAT) to pay for it like most other national systems use. That way, everyone could see the cost and political decisions could be made on the basis of:
Basic Medicare Part A = a% VAT
Government paid Part B = a+b% VAT
Government coverage of Medicare copay and deductible = a+b+c% VAT
Government coverage of prescription drugs = a+b+c+d% VAT
Government coverage of dental = a+b+c+d+e% VAT
Everything is fee for service with no "managed care". We do not need HMOs or 1993 Hillarycare.
Auto insurance is a rip off. It's mandatory but you have to buy additional coverage against someone without insurance. How stupid do they think I am? Should be optional and should cover the insured whether or not the other guy has it. Yours should cover you and mine should cover me.Quote:
Originally Posted by Hermod
Total bullshit
I forget where this story came up recently but I remembered the term "price optimization" so I Googled that and found: Auto insurers may be guilty of price optimization, regulators sayThe original story said that insurers don't like customers to know about this practice because of its controversial ethics. It's basically about charging different customers different rates for the same insurance.Quote:
A New York regulator has raised concerns that car and property insurers may be engaging in illegal pricing practices and overcharging consumers who they deem less likely to consult multiple sources and compare rates....
Here's another story from last month: Insurance commissioner bans ‘price optimization’ in California.