Brent Norkus is the preferred insurance agent for Gustan Cho Associates dba NEXA Mortgage, LLC. Brent Norkus of Goosehead Insurance is my personal insurance agent for my homeowners insurance, cars, motorhome, and ATV, motorcycles, boat, and all other insurance needs. Brent Norkus of Goosehead insurance can offer insurance through Goosehead Insurance in all 50 states. After going over hundreds of terms and premiums, Brent Norkus can get our borrowers the best terms and insurance than any other insurance company in the nation. Hands down. I have borrowers save over 50% on their homeowners premium on their homeowners insurances. Besides homeowners insurance, Brent Norkus can beat any insurance premium on their cars, business, and property casualty insurance premium. Give Brent Norkus of Goosehead insurance a try. Or ask any insurance questions on this forum and Brent Norkus will answer them.

What is homeowners insurance? What does homeowners insurance cover? I heard Brent Norkus of Goosehead Insurance is GCA Mortgage Group’s preferred homeowners referred insurance agent. Can Brent Norkus answer the general concept of homeowners insurance to first-time homebuyers?

Brent Norkus, of Goosehead Insurance is the preferred referred insurance agent at Gustan Cho Associates in Oakbrook, Terrace, Illinois. GCA Mortgage Group, a dba of NEXA Mortgage is licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. Brent Norkus of Goosehead Insurance is availabe seven days a week, eveningss, weekends, and holidays. Brent Norkus of Goosehead Insurance, unlike other insurance agent, is hands on and leads by example. Like to thank Brent Norkus of Goosehead Insurance for this article on property homeowners insurance

https://gustancho.com/property-homeowners-insurance/

• This discussion was modified 1 year, 1 month ago by  Gustan Cho.

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Property Homeowners Insurance is Required by Lenders

Property Homeowners Insurance Is required by lenders to protect both the homeowners and lender's interest and collateral which is the home

Buying a House in Alabama, how are the property tax and homeowners insurance

When buying a house in Alabama, you will benefit from relatively low property taxes and moderate homeowners insurance rates compared to many other states in the U.S.

Property Taxes:

Alabama has some of the lowest property tax rates in the country. The average effective property tax rate is approximately 0.33% of a home’s market value, placing it among the states with the lowest property tax rates. For example, if you own a home valued at $200,000, your annual property tax bill would be around $660. However, property tax rates can vary by county within Alabama, so it’s important to check the specific rates in the county where you plan to buy​ (Tax-Rates.org)​​ (Tax-Rates.org)​.

Homeowners Insurance:

Homeowners insurance in Alabama can vary widely depending on factors such as the location of the property, the age and condition of the home, and the level of coverage you choose. On average, homeowners insurance in Alabama tends to be higher than the national average due to the risk of natural disasters like hurricanes and tornadoes. The average annual premium for homeowners insurance in Alabama is around $1,300, but this can be higher for homes in coastal areas prone to hurricanes​ (Tax-Rates.org)​.

Overall, while property taxes are relatively low, it’s wise to budget for potentially higher homeowners insurance costs, especially if your property is located in an area susceptible to severe weather. For the most accurate and personalized information, consider contacting local tax authorities and insurance providers in Alabama.

tax-rates.org

Alabama Property Taxes By County - 2024

The Median Alabama property tax is $398.00, with exact property tax rates varying by location and county.

Here is a guide on how homeowners insurance deductible works. Brent Norkus of Goosehead Insurance, one of the top preferred referral insurance agents at Gustan Cho Associates wrote this comprehensive blog that has been popular that was recently updated. https://gustancho.com/homeowners-insurance-deductibles/

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How Homeowners Insurance Deductibles Work

The way how homeowners insurance deductibles work is the higher the homeowners insurance deductible, the lower the insurance premium

Maintaining a good insurance score is crucial for your financial well-being. Your insurance score is a number that represents how much of a risk you are to your insurance company. Did you know that making an insurance claim can affect your insurance score? When you file a claim, it’s important to do so wisely and responsibly because claims history can follow you for 5 to 7 years on your insurance history and can have a significant impact on your premium. The more claims you make, the higher your risk becomes, and thus, the higher your premium will be. That’s why it’s important to report claims wisely and responsibly to avoid any negative impact on your insurance score. By doing so, you can ensure that you maintain a good insurance score, which can help you get better rates on your insurance premiums. So, always make sure to report claims wisely and responsibly to protect your financial well-being. #InsuranceTips #FinancialWellBeing

Loss Ratios: The carrier needed to be adjusted to inflation, causing a larger claim payout and underpriced policies at the time of the claim.

Claims: Every time you interact with your insurance company, whether a tow or a not-at-fault accident, it puts you at risk of an increase.

Tickets: Most tickets, if not all tickets, affect your insurance premium moving forward. The only two that do not appear on a motor vehicle report (or MVR)are red lights and parking tickets. Excessive speeding and moving violations can seriously affect your rate.

Credit: The higher your credit score, the better you look to an insurance carrier. Now more than ever, it is imperative to have an excellent credit score.

Insurance Score: Separate from a credit score, this tracks your length of history with a carrier, length of continuous insurance, and claims tracking. This also is an accumulation of coverage you have selected for your home and auto insurance. Having state minimum coverage at 25/50/20 keeps your rates more variable and subject to change in a negative manner in the future.

These are just a few reasons your premiums may increase over the years. If you want to know more, I am happy to talk with you as your trusted insurance partner!

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Coverage is always a misconception about how it is calculated, and this may help if you have ever been in a battle with your agent.

Example:
Your home is listed or has a Zestimate for 300k, but the replacement cost of your home insurance policy is 415k.

Client A: My home is worth much LESS than that on Zillow.

Your home is listed for 600k, and your home insurance policy has a replacement cost 415k.

Client B: My home is worth much MORE than that on Zillow.

The land that your home sits on and the location of the house plays a huge role in determining the price. Think about acres of farmland with a considerable sized home or living in Downtown Chicago and the price difference per square foot of the owned space. These are both extremes, but they help show how a home can have a different replacement cost versus what it might sell for.

Fun Fact: The replacement cost of your home sometimes varies from the amount it can sell for. We fill out the Replacement Cost Estimator or RCE on the agent’s end. These are all the facts and features of your home, such as square footage, number of stories, garage, finished basement, and bathrooms. I have not listed everything that goes into an RCE, but within the RCE, there is also build quality, so if you use wood floor versus laminate, your home might take more money to rebuild

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IL Rates

Single Family Homes: $1,700.00-$2,000.00

Condo: $600.00-$800.00

Rental properties: $2,400.00 -$3,000.00

MI Rates

Single Family Homes: $1,400.00-$1,800.00

Condo: $536.00-$750.00

Rental properties: $1,353.00 -$1,600.00

IN Rates

Single Family Homes: $1,400.00-$1,700.00

Condo: $630.00-$900.00

Rental properties: $1,300.00-$1,536.00

WI Rates

Single Family Homes: $1,305.00

Condo: $458.00-$650.00

Rental properties: $1,064.00-$1,404.00

OH Rates

Single Family Homes: $1,300.00-$1,600.00

Condo: $559.00 -$750.00

Rental properties: $1,573.00 -$1,800.00

TX Rates

Single Family Homes: $2,810.00

Condo: $800.00- $1,020.00

Rental properties: $2,000.00-$2,440.00

GA Rates

Single Family Homes: $1,500.00-$1,827.00

Condo: $854.00- $931.00

Rental properties: $1,830-$1,975.00

AZ Rates

Single Family Homes: $1,132.00-$1,336.00

Condo: $669.00-$734.00

Rental properties: $1,210.00-$1,352.00