Comments for Buy House Insurance

Comment on Q&A: Is there any way to avoid having to pay your flood insurance a year in advance when you buy a house? by mbrcatz17

mbrcatz17 — Sat, 14 Jan 2012 00:17:45 +0000

If your mortgage company is willing to escrow, then you only have to pay the FIRST year in advance, and the mortgage company will pay it from then on, out of the escrow account.

Flood insurance is ALWAYS paid in advance, as it’s controlled by the National Flood Insurance Plan, and rates and rules are set in advance. If you cancel your policy in the middle of the year, for example, you don’t get ANY Money back unless you can prove you sold the property.

Hope that helps.

Comment on Q&A: Is there any way to avoid having to pay your flood insurance a year in advance when you buy a house? by hithere2ya

hithere2ya — Fri, 13 Jan 2012 23:51:46 +0000

First of all if there is a need of “flood insurance” have you not heard of what happened in New Orleans in August 2005? I’d buy elsewhere. 100 yr “Flood Zones” means there is a 1% chance annually that there will be a flood, not once every 100 yrs. That is greater odds of a flood than winning the lottery.

It is a lenders call or decision if there is to be flood insurance, not yours. If the FEMA maps indicate you are in the flood plain, you will have to have it unless the maps are updated and your property is removed or if the flood plain crosses a portion of the yard but touches not the house and the main floor elevation is 2-3 ft above the flood plain elevation, you may not have to have it. Again the lender will make that call, not you. When you not longer have a mortgage you may then insure the home as you like. But choose wisely, many in New Orleans did not maintain flood insurance and today have no home.

However since you are buying this house, you have to pre-pay homeowner’s insurance up front for the first year- period. That means standard and/or flood insurance, then as the year rolls on you are paying a portion (1/12th) monthly for the next premium due date. DO NOT FINANCE the first yr premium, it gets real expensive over 30 yrs for that first year coverage.

Comment on Q&A: Is there any way to avoid having to pay your flood insurance a year in advance when you buy a house? by ilseale2003

ilseale2003 — Fri, 13 Jan 2012 23:31:34 +0000

No you cannot avoid that unfortunately, I purchase a house 2 yrs. ago and I had to buy the flood ins. but after i year you don’t have to have it anymore..

Comment on Will my homeowners insurance cover two vehicles that were crushed by my carport? by my name should be here

my name should be here — Fri, 13 Jan 2012 12:11:23 +0000

Unfortunatley they are right there is probably no chance you are covered. If the cars were someone elses the legal liability cover within the olicy will cover them

Comment on Will my homeowners insurance cover two vehicles that were crushed by my carport? by MSAD

MSAD — Fri, 13 Jan 2012 12:11:04 +0000

No.

The homeowners policy specifically excludes damage to motor vehicles.

Comment on Will my homeowners insurance cover two vehicles that were crushed by my carport? by mbrcatz

mbrcatz — Fri, 13 Jan 2012 11:37:51 +0000

Nope. Homeowners insurance specifically will not cover this. The ONLY coverage, would be for collapse/falling objects under COMPREHENSIVE which you would have to buy on an auto policy.

Sorry. You’re “self insured”.

Comment on Will my homeowners insurance cover two vehicles that were crushed by my carport? by jlf

jlf — Fri, 13 Jan 2012 10:59:37 +0000

I think you are screwed. Homeowners’ policies always exclude coverage for motor vehicles of any kind. Read your policy.

Comment on Being a single home owner can I buy insurance that allows me to keep my house incase ofunemployment or injury? by linkus86

linkus86 — Thu, 05 Jan 2012 11:57:11 +0000

There is such insurance. Any insurance agency would be the best place to find out more. Often new home owners get sent offers on it in the first 6 months of ownership

Comment on Being a single home owner can I buy insurance that allows me to keep my house incase ofunemployment or injury? by rwa000

rwa000 — Thu, 05 Jan 2012 11:35:38 +0000

most if not all bank and mortgage companies offer this

Comment on Is an appraisal on new home required to obtain home insurance? by djstwain

djstwain — Tue, 27 Dec 2011 11:43:11 +0000

An appraisal is used for loan purposes. It is not an insurance appraisal. That isn’t necessarily true. The insurance company will already have that kind of information in their databases. No insurance won’t be difficult to get.