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The Water Cooler
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Anyone know about House insurance?
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<blockquote data-quote="inactive" data-source="post: 3204815" data-attributes="member: 7488"><p>Most policies you'll insure for the cost of the property, NOT just the loan. Because 1) the bank wants the collateral <em>fully </em>covered and not just for their loan amount (because they can recover more than their loan amount in a foreclosure after fees/costs, etc),</p><p></p><p>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).</p><p></p><p>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.</p><p></p><p>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).</p></blockquote><p></p>
[QUOTE="inactive, post: 3204815, member: 7488"] Most policies you'll insure for the cost of the property, NOT just the loan. Because 1) the bank wants the collateral [I]fully [/I]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). [/QUOTE]
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Anyone know about House insurance?
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