New Contributor
Posts: 75
Registered: ‎02-01-2012

home owners insurance.

Lo told me to start shoping around for home owners insurance. And then send her the information so she can put in her file and send to the usda office this week.

Now what all do I have to here ? Talk to a couple of agents get quotes take the one I think is best? I don't have to pay anything till I actually close right? They just get me a quote/policy lined up to send to my loan officer to verfily i am geting home owners insurance. Thanks for any help this is all new to me.

The appraisal and everything is done and approved by the bank theyve just Gotta send it out to the usda office for there stamp of approval. Thanks for all the information
Regular Contributor
Posts: 137
Registered: ‎07-14-2012

Re: home owners insurance.

     My LO gave me an agent to call.  I gave him all the info and he shopped 15 different companies to get me a good rate.  I was very satisfied with the rate I got.  He told me I would need to stop by his office prior to closing to sign the docs.

Frequent Contributor
Posts: 424
Registered: ‎01-21-2012

Re: home owners insurance.

I shopped several different brokers / agents / companies and the lest expensive I found BY FAR! was through Wells Fargo Insurance Services / QBE.


The lowest quote I got before contacting Wells was $762, their rate through QBE was $463! 


It was amazing they could not help me with my mortgage (long response times, poor service) but their service on the insurance side has been awesome!


I would give them a try.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Established Member
Posts: 18
Registered: ‎08-14-2011

Re: home owners insurance.

[ Edited ]

We were given the option to pay when we decided on the policy or at closing. We opted to pay up front rather than at closing (just to get it done & out of the way, plus a little less out of our pocket at closing). Our lender required we OBTAIN homeowners insurance listing them as the loss payee, not just provide them with quotes as a condition to approve the loan. So I'm pretty sure you will actually have to have the policy & written proof of it. The insurance company are actually the ones that gave us the option to pay then or pay later at closing though. On a side note, we almost purchased another house a year ago, also paid up front for the insurance & when the deal fell through the insurance company immediately refunded our money.

Community Leader
Valued Contributor
Posts: 2,991
Registered: ‎03-06-2010

Re: home owners insurance.

Yes, you have to actually obtain insurance as stated above ^^^^.


The insurance binder has to be submitted to the lender in enough advance to move the file from underwriting to the closing department.

If you just provide quotes, your file won't get done.


If you are FHA and the seller is paying for your insurance at closing it is critical to get that binder to the lender as early as you can in the loan process. The lender needs the insurance written in a certain way so they are covered. Don't delay providing your insurance, then you just delay the loan process and then delay the closing.

New Contributor
Posts: 75
Registered: ‎02-01-2012

Re: home owners insurance.

Well I got everything figured out this morning. I'm sending them the information so they can contact the home insurance company.. this is usda suppose to close August 31. In ohio there runing 25 business days
New Contributor
Posts: 75
Registered: ‎02-01-2012

Re: home owners insurance.

Thanks for the help and information

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+