Questions and Answers

A. This is possible if all the factors that determine your homeowners policy combine. Unfortunately this is a highly unlikely scenario. You must have a unblemished credit history, you have never made a previous claim, your home is located in a almost zero crime area free and has no history of natural disaster recorded in its past, and your home is of a low value.

Those that have $300 insurance, I would suspect that they have their home undervalued. This is a problem as the homeowner will only be covered for the value stated on their premium. If the house is burned to the ground or unlivable you need a coverage that will replace it in full.

The best option might be full coverage with a high deductible. If the worst does happen paying a few thousand dollars is a better than being faced with a bill for a few thousand.