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Answered 2015-06-05 17:03:13

Sure you can, but it would likely be a fire only policy. Some flood only policies will also come in at that price range. So basically be ready to give up replacement cost valuation, wind, hail and storm damage coverage along with contents and owners liability coverage portions of your policy.

There are a lot of variables to consider when it come to your final premium rate: your credit history, the value of the home, where is it located, past claims and damages history of the property as well as of the owner, etc.. and of course how much coverage you are willing to sacrifice for that lowest possible price.

Lowest price possible generally results in the lowest coverage possible.

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The items above are factors in pricing but omitted the biggest issue which is coverage. What are you buying for $300? If you undervalue your home (statistics say 62% are under insured) and it burns down and it takes and you $100,000 out of pocket to rebuild what has a $300 premium bought you? Similarly if you under protect yourself by choosing a very low liability coverage and get sued, the house you are protecting may now belong to the person suing you.

I always prefer to see proper coverage offset with higher deductibles. Under either scenario you only have the loss in the event you need to file a claim but I would rather see a $2000 deductible exposure than a $100,000 - $300,000 exposure due to insufficient coverage.

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