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Old 05-26-2015, 11:05 AM
 
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Quote:
Originally Posted by YelloJacket View Post
I confess I have not but the deadlines are so tight with closing close by, I do not have much time to do the shopping! Any suggestions on good insurances?
You can typically get quotes same day or a couple days (at least where i live). Are you insuring with the same company that insures your vehicle? You will probably want to shop the whole package.
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Old 05-26-2015, 12:03 PM
 
Location: Boise, ID
8,011 posts, read 22,499,039 times
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Mine is only $450/year, but it is a small 2 bedroom townhouse in an area with few hazards, and low crime. But $4000 still seems very high to me, and I would also suggest shopping around.
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Old 05-26-2015, 12:15 PM
 
Location: New York
2,251 posts, read 4,160,232 times
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Quote:
Originally Posted by YelloJacket View Post
Well I am looking at property in Georgia. It is not in flood or hurricane zone. I have had a good credit and no dog, so there should be no reason why it is that high. Any ideas?
I regularly speak with many home owners in Georgia, going over what they pay for HO Insurance. Low end start around $650 to averaging $1200 per year. The big difference is due to if the property is suburbian of rural. A $4000 policy - sounds like a car insurance policy with children....

A blanket policy is a good start combining your home with your car insurance with one company. You really need to show around.

Have you considered joining a local credit union (checking & savings). They could offer cheap insurance for members.

Good Luck

.
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Old 05-26-2015, 03:09 PM
 
176 posts, read 132,869 times
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Question: Can I change my home-owners insurance after/before closing?
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Old 05-26-2015, 03:18 PM
 
176 posts, read 132,869 times
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Quote:
Originally Posted by TimtheGuy View Post
You can typically get quotes same day or a couple days (at least where i live). Are you insuring with the same company that insures your vehicle? You will probably want to shop the whole package.
Yes I did go for GEICO thats my car insurance as well , and they gave a very bad deal with 4800$ premium.
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Old 05-26-2015, 03:49 PM
 
Location: Phoenix, AZ area
2,931 posts, read 2,389,174 times
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Quote:
Originally Posted by YelloJacket View Post
Question: Can I change my home-owners insurance after/before closing?
You can change at any time but note you are going to have to pay for the years policy upfront and wait for the other policy to be refunded the remaining days. Normally your escrow account pays for the insurance, when you close the escrow balance is going to be about 1/2 of the annual amount maybe 1/4. When you change policies your mortgage company will bill you for the remaining amount the escrow account couldn't cover plus to get the funds back to their estimated requirement, that 1/2 or 1/4 total. When they do this they will cancel the old policy which the insurance company will issue a check to you the homeowner for the remaining of the year.
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Old 05-26-2015, 04:04 PM
 
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Nope I will surely change it before closing (Even before I pay the years premium upfront). I just dont want to hold up the underwriting process - so its good if they have some insurance to work with.
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Old 05-26-2015, 07:07 PM
 
1,056 posts, read 870,033 times
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OP, is this a brand new house to you? Claims made on a specific home can affect your rates, even if you were not the homeowner when the claim was made. Maybe the previous owners of the home you are buying filed claims against the home? You should call your insurance agent; they will be able to check the CLUE database to tell you if the home has a past history of insurance claims. Homes have a claims history the same as people do.

Beware, if your house has a bad claims history, you might not be able to reduce your insurance rates much even by shopping around. If $4,800 annually is a lot of money for you, you should check with your agent about the home's claim history before buying it. Otherwise you might be stuck with that $4,800 every year for the rest of the time you own the home and of course it will go up each year so that $4,800 could turn into $5,800 in a few years.

Last edited by patches403; 05-26-2015 at 07:16 PM..
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Old 05-26-2015, 10:44 PM
 
176 posts, read 132,869 times
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Quote:
Originally Posted by patches403 View Post
OP, is this a brand new house to you? Claims made on a specific home can affect your rates, even if you were not the homeowner when the claim was made. Maybe the previous owners of the home you are buying filed claims against the home? You should call your insurance agent; they will be able to check the CLUE database to tell you if the home has a past history of insurance claims. Homes have a claims history the same as people do.

Beware, if your house has a bad claims history, you might not be able to reduce your insurance rates much even by shopping around. If $4,800 annually is a lot of money for you, you should check with your agent about the home's claim history before buying it. Otherwise you might be stuck with that $4,800 every year for the rest of the time you own the home and of course it will go up each year so that $4,800 could turn into $5,800 in a few years.
You scare me! But I take comfort in the fact that Inspection report came clean. Good news though is Nationwide is quoting ~1300$. Still high compared to what others have stated, but not as ridiculous as 4800$ that I was quoted by this insurer..
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Old 05-27-2015, 05:27 AM
 
25 posts, read 18,818 times
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In the amount of time you've spent posting in this thread, you could have easily solved your problem.
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