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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We have always contacted the insurance company while in escrow so we know the cost ahead of time, and can add it to the mortgage impound account along with the taxes. Claims by a previous owner have no effect, it's based on the rebuild cost (materials and labor), age of home, crime in the area, your credit score, higher risk items like wood stove or pool, distance from fire hydrant and station, high risk pets and your own claim history with other companies.
Actually claims by a previous owner CAN affect the rate. It's called a CLUE report--which is kind of like a credit report for a particular property and a person.
The role of the lender is limited a bit, but they will set some requirements for the minimum insurance, etc. Often the mortgage company will also be named on the insurance.
I like using an insurance broker that represents a number of companies.
We recently moved to a new area. My buyer's agent recommended an insurance agent who was more than happy to give me quotes on the houses I was considering, so I knew what the insurance would cost before I even put in an offer.
I called several agents, got quotes and went with one that was in the middle for home and auto combined. They all calculated the home replacement value slightly differently, but not a big enough difference for me to worry about.
Call around for quotes, but start with whatever company you currently use for car insurance. Most offer discounts if you have more than one policy with them. You will need to have a property in mind in order to do this as quotes vary depending on the property. No, your lender has nothing to do with your homeowner's insurance at this point.
I called my agent of the company I have car insurance through. They gave me the quote, which I sent to my loan officer. I told the agent/loan officer I wanted to go with it, and they coordinated everything else.
I called my agent of the company I have car insurance through. They gave me the quote, which I sent to my loan officer. I told the agent/loan officer I wanted to go with it, and they coordinated everything else.
Same here. I also did online quotes beforehand so I had an idea of how much it would be.
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