Home Owner Insurance Advice For First time Home buyer (cheapest, agent, mortgage)

[JesusJosephUS]

Hi all,
I need to purchase a home owner insurance for my home purchase next week.
Can someone please advice how I can start on this.

I have a auto insurance with Geico so if I go with then i will get reduction in my insurance.

Any other thougths

I am planning to get some quote before finalizing.


Please advice

Joseph

[MrRational]

Originally Posted by JesusJosephUS

I have a auto insurance with Geico so if I go with then i will get reduction in my insurance.

That's as good a place to START as any.

Get the insurance.
After all the dust settles you can go back and investigate if it's the best bargain.

[jackmichigan]

Just call a few insurance companies to get some quotes. You may even want to consider dropping Geico. They have some cute ads, but I've never found them to be the cheapest.

[Galaxie Girl]

Look up some local insurance brokers (not insurance companies, brokers) and call them for some quotes. They have access to several insurance companies to find the best deal for you, the same way a mortgage broker accesses several lenders to get you the best interest rate for your loan.

[cc0789]

I've never heard of Geico doing homeowners insurance, they will outsource you to another carrier. But you will have two different companies insuring you. It might differ in some states though.

Since there are often overlapping liability coverage between home and auto, you really want to be with the same company. You don't want two companies fighting about who's not responsible.

Find an independent agent that can quote you both auto and home. This will be a good time to requite your auto, as you will be getting a homeowner discount.

What state are you in? I can offer you some more specifics if its in a state I'm licensed in.

[Teddy52]

The bad thing about any insurance is you actually have to file claims before you really find out which is a good company and which isn't.

[blazerj]

Call geico and another national direct carrier (State Farm, MetLife...). If your assets are very high, go to an agent for all of your needs.

[blazerj]

Originally Posted by Teddy52

The bad thing about any insurance is you actually have to file claims before you really find out which is a good company and which isn't.

That's not true anymore. Just google a carriers response to a recent event (e.g Sandy in the northeas).

[JesusJosephUS]

Thanks for all your comments.
I will call some insurance company and get quotes.

[JesusJosephUS]

NEW QUESTION

The total property cost is 390K. Did I need to purchase loan for both land or just the house value. Because I got different advice from different people.. One of my friend told me just get the loan for house is enough because nothing is going to happen to the land. The other one told me we need it for land and house.

Any suggestion. Please let me know