Home insurance in Detroit.

[David L]

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?

[belleislerunner]

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.

[David L]

Thank you. This has been most helpful.

[sumas]

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.

[softailrider]

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.

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.

[ThunderTrap]

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.

[sumas]

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.

[sumas]

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.

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.

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!

[Jimaz]

...We have excellent credit but not sure why?? Haven't borrowed a penny since 1988....

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.

Those usurious "credit score" bastards can go to hell where they know they belong.

[sumas]

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.

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.

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

[Llama]

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%?

[Hermod]

Annoys me though to think auto insurance can be tied into credit scores.

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.

[sumas]

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.

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.

Maybe people shouldn't buy cars they can't afford

[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%?

Kind of like that car insurance ad, how do you drive on 3 wheels.

[Hermod]

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.

Maybe people shouldn't buy cars they can't afford

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.

[Honky Tonk]

The odds say a person with a lower credit rating is a bad risk.

Just what is that based on?

[warsaw7]

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?

You didn't just happen to buy a house in EEV did you? Say for the 69,000$ ?

[Gpwrangler]

Just what is that based on?

Based on pure bullshit. Unfortunately car [[and now health) insurance is mandatory.

[Honky Tonk]

Based on pure bullshit. Unfortunately car [[and now health) insurance is mandatory.

Certainly sounds like it. If I'm late on payments that makes me an incompetent driver?

[sumas]

Certainly sounds like it. If I'm late on payments that makes me an incompetent driver?

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.

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.

[Honky Tonk]

"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/

[canuck]

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.

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.

[davewindsor]

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.

Maybe people shouldn't buy cars they can't afford

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...

[sumas]

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...

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.

[Gpwrangler]

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...

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