topic Re: Home owners insurance question in Mortgage Loans

Home owners insurance question

Anonymous — Wed, 14 Sep 2016 20:01:15 GMT

I couldnt find a thread for this and maybe this isn't in the right queue but please link the existing thread if there is one.

Who are the good home insurers. I read about Amica and others.

thoughts?

Should I go with whomever the CU suggests... if that even works.

If not I would shop around and have it dont BEFORE closing?

Re: Home owners insurance question

Scupra — Wed, 14 Sep 2016 21:16:38 GMT

@Anonymous wrote:
I couldnt find a thread for this and maybe this isn't in the right queue but please link the existing thread if there is one.

Who are the good home insurers. I read about Amica and others.
thoughts?
Should I go with whomever the CU suggests... if that even works.
If not I would shop around and have it dont BEFORE closing?

Always shop around. Check with whoever has your car insurance as a multi-line discount could save you some money. Main thing to check is if the insurance is a Basic, Broad, or Special form. Make sure to read the exclusions closely.

Re: Home owners insurance question

pipeguy — Wed, 14 Sep 2016 21:27:01 GMT

+! on the check with your auto insurance company - they tend to discount homeowners under "multi-policy". Only suggestion(s) I'd add is make sure it's "replacement value" on the home being rebuilt if disaster strikes - this will read like $400,000/100,000 which is property (the house you can't burn down the land) and contents (your stuff). If you have collectables such as coins, guns, jewelry add a "rider" because those values are limited in a standard policy and if you want a fairly cheap liability bonus, you can add a $1,000,000 "umbrella" policy that'll cover cars and home very cheap (considering the dollar number of the coverage).

Re: Home owners insurance question

Scupra — Wed, 14 Sep 2016 21:43:39 GMT

@pipeguy wrote:
+! on the check with your auto insurance company - they tend to discount homeowners under "multi-policy". Only suggestion(s) I'd add is make sure it's "replacement value" on the home being rebuilt if disaster strikes - this will read like $400,000/100,000 which is property (the house you can't burn down the land) and contents (your stuff). If you have collectables such as coins, guns, jewelry add a "rider" because those values are limited in a standard policy and if you want a fairly cheap liability bonus, you can add a $1,000,000 "umbrella" policy that'll cover cars and home very cheap (considering the dollar number of the coverage).

Cost on a PLUP would majorly depend on the exposures.. How many auto's? How many drivers? Driving record? Any youthful drivers? And usually requires a standard limit of liability on auto's which may cost more.

If the company doesn't run an estimated replacement cost tool to see what it costs to rebuild your home, it's not a company you should use

Re: Home owners insurance question

Anonymous — Thu, 15 Sep 2016 02:57:37 GMT

what kind of credit pulls is it when I get home owners quotes?

I assume Soft?

also any thoughts on nerd wallets review?

https://www.nerdwallet.com/blog/insurance/find-homeowners-insurance/

Re: Home owners insurance question

Scupra — Thu, 15 Sep 2016 04:37:44 GMT

Soft pull promotional. I'm a State Farm agent so my opinion would not mean much

Re: Home owners insurance question

Anonymous — Thu, 15 Sep 2016 14:35:35 GMT

@Scupra wrote:
Soft pull promotional. I'm a State Farm agent so my opinion would not mean much

TY. And do you use Fico08 or Mortgage 3b?

What score tiers offer the best rates ?

Re: Home owners insurance question

Scupra — Thu, 15 Sep 2016 18:01:37 GMT

@Anonymous wrote:
@Scupra wrote:
Soft pull promotional. I'm a State Farm agent so my opinion would not mean much
TY. And do you use Fico08 or Mortgage 3b?
What score tiers offer the best rates ?

State Farm uses a Customer Rating Index (CRI) derived from LexisNexis info. I never get to see a customers score. The algorithm is beyond secretive unfortunately. With your scores, I wouldn't be worried