topic Re: Homeowners in Mortgage Loans

Homeowners

Sbrooks1 — Sat, 28 Jan 2017 20:39:30 GMT

Went online to get quote for two properties and got quoted 7-9000 year. Now I have never so much as files an auto claim in my life let alone a Homeowners. Property value was 175000. Anyone have any ideas if this is plausible

Re: Homeowners

StartingOver10 — Sat, 28 Jan 2017 20:41:33 GMT

@Sbrooks1 wrote:
Went online to get quote for two properties and got quoted 7-9000 year. Now I have never so much as files an auto claim in my life let alone a Homeowners. Property value was 175000. Anyone have any ideas if this is plausible

That sounds high - even if you are in Florida. $9k? Crazy high. Where are you geographically?

Re: Homeowners

Sbrooks1 — Sat, 28 Jan 2017 20:58:50 GMT

Louisiana! I went to SF and got a quote just now if 1240, so I'm not sure why Geico and Progressive gave me that quote . SF is where I have my current renters, but auto has been w geico for years

Re: Homeowners

Anonymous — Sat, 28 Jan 2017 21:09:10 GMT

Ours is 1250 but we have a pond, pool and fireplace so ... yes I think 7-9000 is astronomical.

Re: Homeowners

Sbrooks1 — Sat, 28 Jan 2017 21:11:29 GMT

I almost fell out of my chair, both quoted like 2000 down and 500-700 month. Hope I don't have some thing else to worry over !

Re: Homeowners

StartingOver10 — Sat, 28 Jan 2017 21:25:40 GMT

I believe you should contact an insurance broker before you commit to SF. I use insurance brokers here in S FL because otherwise, buyers would be paying astronomical rates. They are well worth checking into. Get a referral from your lender and any of your homeowner friends that have an insurance broker. I know SF doesn't do that (at least they don't do it here).

Ask your insurance broker what features help reduce the rate for insurance.

Here we have to have a wind mitigation report to even get a quote (9-page report done by certified inspectors - not insurance co people as they have a vested interest in having the highest rate and not the lowest rate). Things that reduce the cost here include: age of the home, type of construction, the shape of the roof, the age of roof, shutters, etc. See if you have something similar in your market. I have seen the wind mitigation report save the homeowner thousands of dollars every year on the insurance premium.

Re: Homeowners

Sbrooks1 — Sat, 28 Jan 2017 22:12:23 GMT

I have never heard of an insurance broker? Great advice and thanks

Re: Homeowners

StartingOver10 — Sun, 29 Jan 2017 00:04:19 GMT

Insurance brokers get quotes from lots of different companies. The one I use has access to about 100 different insurance co's and he provides the top 5 quotes based on what the cover and the price. He always beats a direct quote from an insurance co. Insurance brokers are independent agents not tied to one particular company.

Re: Homeowners

Sbrooks1 — Sun, 29 Jan 2017 00:08:10 GMT

Hey Starting Over does that effect my credit score to use a broker?

Re: Homeowners

Sbrooks1 — Sun, 29 Jan 2017 00:08:58 GMT

And thank you for the loan officer referral😍

Re: Homeowners

StartingOver10 — Sun, 29 Jan 2017 00:56:10 GMT

Your welcome! No, it should only be one soft pull if any.

Re: Homeowners

Anonymous — Sun, 29 Jan 2017 17:18:50 GMT

I had to shop around. I am in semi-rural Texas at the border of a flood zone. I had quotes ranging from 900 - 3000 for a 300k plus home with dogs. I went with Progressive because it made my car insurance cheaper by 10%, as well as being the cheapest in HOI by far.

Your credit score definitely plays a factor. If I put my spouse at primary position on the policy it was projected to double our rate. Her credit isn't that bad, just some old medical stuff and a charge off. Mid 600 scores. Mine was in the mid-high 700s clean file.