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Anyone know about House insurance?

Discussion in 'General Discussion' started by EhlerDave, Feb 12, 2019.

  1. EhlerDave

    EhlerDave Sharpshooter

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    Does anyone on here deal in Home Insurance that could maybe give me an idea of who or where to find a estimated cost for a large home that just needs the cost of the loan covered? Not talking a large loan, $125k - to a max of $150K.

    It is a large building yet old, built mostly of brick and concrete, it is 3 stories.

    Thank you for your time.
     
  2. druryj

    druryj Super Moderator Staff Member

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    If you currently have some form of property insurance through a major provider, why not start by just giving them a call and asking the question?
     
  3. Cards81fan

    Cards81fan Sharpshooter

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    Most policies you'll insure for the cost of the property, NOT just the loan. Because 1) the bank wants the collateral fully covered and not just for their loan amount (because they can recover more than their loan amount in a foreclosure after fees/costs, etc),

    and 2) most policies are written where if you pro-rate the coverage as a portion of the home, they pay the same proportion of the value of the loss (for example, if you insure a 300k home for only 150k, then they'd pay a 50k loss at only 25k - the same 25% pro-rata insured amount).

    There's no secret to insurance and costs. Just get on the phone and call as many companies as you can. Independent agents can help as they can get quotes from several carriers, but also exclusives (like say Allstate, State Farm, Farmers, Shelter, American Family) and directs (USAA, Amica, Liberty Mutual, Nationwide, etc.) can have competitive rates that are worth exploring.

    If you don't live in the house - meaning it's vacant or occupied by a tenant (so you're insuring just the dwelling as a landlord), it's a bit different realm than normal owner-occupied homeowner's policies. If cost is a concern you may consider looking at a nonstandard coverage through someone like Foremost or AIG or Hanover's commercial type coverage (though the coverage is most certainly reduced commensurate to the price).
     
    Last edited: Feb 13, 2019
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  4. EhlerDave

    EhlerDave Sharpshooter

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    Thanks i will relay the info.
     
  5. ronny

    ronny Sharpshooter

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    In the old days, we used to have what were called "Stated Amount" policies. If you could find a company to write it, it was pretty expensive. Your source may have to contact a Lloyd's-type insurer.
     
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  6. slas

    slas Sharpshooter

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    I'm getting ready to close on a new home and got about 4 different quotes. Farmers Ins. ended up giving me the best along with auto also. PM me if you want the specifics.
     
  7. ronny

    ronny Sharpshooter

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    Don't think that will work for what he's trying to do.
     
  8. slas

    slas Sharpshooter

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    Might not, wouldn't hurt to ask though.
     
  9. ronny

    ronny Sharpshooter

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    You have a nice, modern home. Don't think that's what's at stake here. Farmers won't write a homeowners policy for less than 80% of it's value.
    I could be wrong.
     
  10. JD8

    JD8 Sharpshooter

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    What's the occupancy of the home? If you're renting it out, you MIGHT be able to find a carrier to write it on agreed value as a rent home. Your policy form will probably be abbreviated though. I'd go to all the State Farms, Farmers, AAAs of the world and tell them what you have and what you want. Just make sure you read your coverages.
     

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