Posts Tagged ‘buying’
Do I need insurance to drive just bought car home? If not, what is home in that case?
It’d not make sense if this insurance is req’d as u can’t buy insurance without car and buying insurance right then and there with car is bit insane. If insurance is not needed, then how home is defined. I can buy car in GA and drive to my home to PA, right?
Answer:
The insurance laws are the way they are for a reason. You don’t see the ‘sense’ in it now but you will if you wreck and cause harm to someone else. You can not drive the car off the lot without proof of liability insurance or financial responsibility. If you can’t, or refuse, to do this then don’t buy the car.
home insurance? renting to my brother do i need landlord insurance?
i am buying a flat and my brother is going to rent it from me. i will not be living in the flat he will be in it himself.
he will pay me the amount of the mortgage so i will not be making any profit rom the rental.
do i need landlord insurance or what are the options?
Answer:
Yes you need a dwelling fire policy (some people call it landlord insurance). A Homeowner’s policy is only for owner-occupants, so since you do not live there you need a different policy. As the previous poster wrote Talk to your broker!
As for your brother, it is also in his best interest to get a renter’s policy. His contents and his liability cannot be covered by your policy, since it is your policy and not his policy.
Need to find cheap home insurance?
I’m buying a house and one of the requirements of the grant that I’m receiving is that the insurance on the house can’t be over 0.00 a year. ( a month). I’ve tried Progressive and Sagamore already and they’re over. So does anyone know of anything?
Answer:
ask a local independent insurance agent how that can be done. S/he probably represents 10 to 20 companies.
likely, you’ll have to accept some limitations you wouldn’t otherwise want.
I’m building a new home. There is no tax credit available? Should I get insurance with my loan or use my co.?
should I get home insurance included in my loan or use my current insurance carrier that has my vehicles and other things and why?
Answer:
More likely than not, any insurance you buy added to your loan, will pay the lender, not you. That’s ALWAYS a bad deal, in my book.
You’re probably best off, buying a homeowners (WITH BUILDERS RISK ENDORSEMENT!) from the carrier that does your vehicles – you’ll get that extra credit on your car insurance right away.
BE SURE your agent knows how to properly insure a home under construction. It’s a bit trickier than insuring cars.
Buying home insurance… where to buy?
I am looking for an engine which can compare rates of home insurance, and possibly along with car insurance without wasting time. One that is best for New Jersey would be nice. Thanks. Also, any tips on buying home insurance would be greatly appreciated. Thanks- Hong
if you can, buy where is a good site to find a good indep. home insurance.
Answer:
Well, they’re out there, but you have to buy it, and it’s really expensive. Most independent agencies buy the software, and then pay monthly to pay for rating updates. We’re talking several thousand for the initial software, and about per month, per company, for the rate updates.
You are trying to be your own agent.
Unless you know the difference between replacement cost and GUARANTEED replacement cost, and unless you know which extra endorsements you need (are you familiar with an HO41?), you will be making MAJOR mistakes by trying to do this yourself. You likely won’t even be able to get the accurate (for each company) limit for the building.
Go visit a local, independent agent, and ask them to give you quotes with 10 different companies. Have them print it out. Then go to another one or two, and get 10 or 20 more quotes, from 10 or 20 more companies.
You can’t get the policy, anyway, without using an agent. So let them do ALL the work for you.
How do you obtain homeowners insurance if your new home won’t be your principal residence right away?
We’re buying a new home and had planned on staying in our rental for a few months while we make some renovations to the new house. However, our insurance company tells us that they won’t give us a homeowners policy unless our new home is our principal residence within one month of our closing date. Does this mean we have to tell our insurance company that our new home is our principal residence, even though it won’t be until approx. August?
Also, our insurance company will cancel our renters policy, since they’ll assume that we’ll no longer need it after we close on our house. This isn’t true, because we had wanted to stay in our current apartment for a few months more. Has anyone encountered a similiar situation, and if so, how did you handle it? Thanks so much.
Answer:
It will be your principal residence even if you are not living in it at the time of renovations. Don’t deal with the morons at a call center. Find an agent in your local community: http://nwinsurance.nationwide.com/nwagentlocator/find.asp
Im a first time home buyer, how much should I expect to pay for homeowners insurance in Connecticut?
I am looking at buying a 5,000 home, I have excellent credit, I have no past insurance claims, and my home would have a replacement value of 0,000.
Answer:
Home insurance is actually very flexible. I’m not sure about Connecticut regulations, so I suggest you contact a local home insurance agent. http://www.easyhomeinsuranceguide.com/Connecticut-Home-Insurance.html They will be able to help you.
Is it a good thing that replacement value of a home (in terms of insurance) is higher than purchase price?
We are buying our first home and I just found out that the replacement value that our homeowners insurance will cover is ,000 more than what we are buying the house for…. is this a good thing?
Answer:
Yes!! The replacement value coverage is what you would need monteraily wise to build a home from the ground up, in the event from a fire, you would need your mortgage paid off, also what about you personal property there should be an amount for that, liability coverage and also guest medical or it is an incomplete policy. Liabilty is what you would have if someone got hurt on your property and also guest medical is a onetime payment for a guest on the property that gets hurt and requires medical attention. Ask your insurance agent if you are unsure the cost sounds right depending on where you are located in the country and what percent financing you did for the home. Premiums depending on your credit score and your location are about 1 percent of the purchase price of the home or less.
Difficulty getting home owners insurance w/ wood furnace in garage?
I’m buying a home that was built in 1979. The home has a wood/oil furnace in the garage that serves as the only heat for the home. This is not a wood stove, it’s a wood furnace that has a chimney and is ducted through the ductwork. Because the wood furnace is in the garage, 2 of 4 insurance companies I’ve called will not write a policy on the home, one of the others isn’t sure, and one says they see no problem if it’s installed properly.
Can anyone tell me why a wood furnace in the garage is such a big deal? Where else would it go?
I’m going to ask the seller who his insurance company is, but I was just wondering why these policies are so hard to write? It seems like they’d just tack on a surcharge and write the thing.
I may have forgotten to mention that it’s a combination wood/oil furnace. It starts up on oil and can run entirely on oil (diesel) or you can add wood to keep down on oil costs. If the wood runs out, the oil kicks back on, so that’s how the house is heated when away. However, I’ve been searching and have found there are sometimes problems with the oil tanks that store the oil. Just contacted my agent and there’s no problem w/ them, but 2 of the 4 will not write the policy. My worry is that I’ll spontaneously get cancelled or have to put in a new furnace, which would have to be propane since I’m out in the sticks (probably 5 miles from a fire station, but definitely not within 1000 ft of a fire hydrant.
I understand Izabella’s point. The house has an above-ground basement, with the garage attached to the basement and the top level above. If the wood burns out, the oil kicks in, so there shouldn’t be much issue with frozen pipes. Also, the farthest point the ductwork travels is around 40 ft.
I understand their side of it if they in fact would be losing money on the deal – that’s a no-brainer; I wasn’t aware that homeowners insurance is such a low-profit sector.
Making my case here won’t do any good, I understand. Luckily, I’ve found a couple major insurers who will write it.
Thanks
Answer:
Wood stoves as a primary source of heat are very very high risk. The risk is mainly due to chimney fires, when the furnace/stove is used frequently, the risk of chimney fire increases drastically and chimney fires can be hard to detect (especially when the furnace is not in a high traffic area of the house).
Also, because there is no secondary source of heat, the insurance company looks at what will happen if you are not home. You don’t very well want to leave the stove burning when no one’s there tending to it, but how is the home heated? If there is no secondary source, and the home gets cold, that’s when your pipes can freeze and things can get real ugly.
They might also be questioning the age of the furnace/stove, if it’s more recently installed than ’79, make sure the company knows that, that can make a difference, there’s less likely damage from age deterioration.
Best thing to do, like you stated, is find out where the current owner is insured. This might be quite expensive due to the unique risk. Most companies, unfortunately cannot ‘tack on a surcharge’ since the loss amount can be tens of thousands of dollars.
Lastly, one more thing to keep in mind. This risk can also depend on your Protection Class. For instance, in case of fire, if you are within 5miles to a fire station and within 1,000 feet to a fire hydrant, the likelihood of a total loss decreases, but if the home is located far from both, a total loss is much more likely. Good luck!
Are there any legitimate insurance companies out there that you can work from home w/o paying big $$ to do it.
Looking to work at home as an insurance agent – I have a liscense but I don’t want to do any MLM thingie or spend a ton of money buying crappy leads for a company that promises the moon and the stars. I want to do my part but I want a company that keeps their word (integrity)
Answer:
“If a company requires initial payment from you in order to work for them, they are not legitimate.”
There are a few legitimate data entry companies but are not hiring and have large waiting lists (1-2yrs). The majority of data entry jobs you seen online are scams. A real company will want you to have skills inc fast typing, may want you to know MS Excel, and will usually ask that you have high speed internet. Once in a long while you may found one online on a job website but thats rare.
If you do an advanced search on yahoo, you will find previous answers, sometimes the info on these is good as the info they gave is likely to have been verified if the answer was voted as ‘Best’.
http://dataentry-jobsearch.blogspot.com/
has some good information on how to search recruitment websites for work at home positions.