Shopping for Leavenworth Insurance: Tips from a Pro

The following is a guest post from Eric Kossian of Leavenworth Insurance

Home insurance pricing is affected by a number of factors; I will try to discuss in order of importance, with those factors that affect the rate the most listed 1st.

Credit Score: a good credit score will give you up to a 50% discount because it is the single biggest statistical determinate for future claims.

Size of the Home: a mansion will cost more than a bungalow.

Location of the Home: Is the home within 5 miles of a fire station and if so, what is the quality rating of that station. For example, a home in Seattle is a class 2 whereas a home in a small town is usually a 4 to a 6 rating. The higher the rating the higher the premium. Homes without hydrants within 1000 ft or outside the fire district 5 mile limit will pay significantly more. Location also determines if the home is in a flood zone and how severe the flood risk is. I would think very seriously before buying a home in a 100 year flood zone as a flood will severely disrupt your life for at least 6 mo. and you will be required to pay flood insurance (the Federal subsidy of which is getting smaller and smaller) which is expensive because it is a known loss waiting to happen.

Condition of the Home: If the home has any one or more of these items: pressurized pipe that is galvanized metal, has electrical that has not been completely updated to romex wiring and at least a 100 amp breaker panel ( no knob and tube or cloth wires), a roof that is not in good condition or over 25 years old, the home is not on a cement perimeter foundation, or the home is not in good upkeep, then you will pay 2-3 times the premium and likely be in a secondary insurance market that is not as well regulated and the coverage will not be as broad.

Prior Claims at the Home: You may be just buying the home but if the previous owner had insurance claims in the last 5 years, you will likely pay more for a few years.

Which Insurance Company You Select: Believe it or not, there really is big differences in prices between insurance carriers for home insurance, with a price swing of about 30% for a preferred home. Even more importantly, unlike car insurance which has pretty much the same coverage no matter the insurance carrier chosen, coverage on homes varies greatly so be sure to ask for Guaranteed Replacement Cost, Comprehensive Perils, Ordinance and Law Coverage, Back Up of Sewer and Drain Coverage and Additional Living Expense of at least 25%. You won't necessarily pay more for these due to all other factors listed above but you'll certainly save many thousands if you have a claim and have these options.

A Educated Insurance Agent: If they don't know what the options are in the above paragraph are or if they don't seem to really be shopping for you, then move on to a different agent. In the real estate arena, a good real estate agent, good mortgage broker and good insurance agent are worth taking the time to find.

Eric Kossian, Wash. State Insurance Agent

Underwriting Specialist

Leavenworth Insurance

InsurePro

Ph: 509-548-5488

Ph. Toll Free: 1-877-548-5488

NEW TOLL FREE FAX # 1-888-548-6592

Eric@LeavenworthInsurance.com

 

Comments

In our experience, a large percentage of Leavenworth home buyers do purchase with a substantial down payment and do not need mortgage insurance.

There's something else people need to keep in mind as they are putting together insurance quotes: mortgage insurance. Unless they include a substantial (20-30%) down payment, more lenders are requiring buyers to purchase mortgage insurance. If they do not, then the lenders buy it and tack on an additional $100-$200 per month, on top of original payment.

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Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

When not in the office, they can be found exploring the endless recreation opportunities of the area in all of its seasons.

 

Testimonials

 

Geordie provided excellent real estate representation! We appreciated his detailed knowledge of the market, his up front and honest approach, and his negotiation skills.
As reviewed on Zillow  – 

- Laura Anderson

 

 

As “west siders” looking for a getaway near Leavenworth, Geordie provided insight … his knowledge of design features important in a “snowy winter wonderland” was appreciated. Thanks Geordie!
As reviewed on Zillow  –
 

- Jean Stern

 

 

Geordie made this somewhat complicated transition easier for us…going above and beyond to help us work through issues that came up during the sale of our parents home. We appreciated his knowledge, attentiveness to details and his willing spirit.
Our family is grateful for Geordie!
As reviewed on Zillow  – 

- Terry Foster

 

 

Geordie was great in every way. We have been looking in the Leavenworth area for some time, and Geordie was absolutely the best for local knowledge, history and depth on neighborhoods, developments and the local market trends. He was very quick to respond (even when he was on his vacation) and worked very diligently to get all of our questions answered in a very timely fashion. We would recommend him highly to anyone looking to buy or sell a home. Very friendly, and helped us navigate all of the local options before we made an offer on the property that we purchased. Thank you, Geordie!

As reviewed on Zillow  – 

- Ryan Olsen

 

 

It was such a pleasure to work with Geordie and his wife, Allyson on our cabin purchase. They showed us a variety of locations, listened to what we wanted and helped us find the perfect match. Everything was smooth and not stressful, just relaxed and easy. We would definitely recommend Geordie and use him again if the need arises!

As reviewed on Zillow  – 

- Cammie Schlosser

 

Moving to Leavenworth?

Are you looking for a cabin or a condo in Leavenworth that your family can use as a home base when climbing, skiing or hiking around Leavenworth or Lake Wenatchee?

Maybe you rent a house here and have decided to stay, surprised how a summer of rafting somehow turned into seven years.

Maybe it’s time to escape the hustle of the big city (and its rain) and move to Leavenworth with its four seasons.

Maybe you bought a condo years ago, don’t seem to use as much, and it’s time to sell.

Whatever your motivation, we are here to help. If you are buying a home, the best place to start is with our Homebuyer’s Guide to Leavenworth.