Thanks to everyone!!! George..we have 2 spare bedrooms..come on down! Interesting bunch of news today if you are looking at house buying.. we closed but only the wife was here of the sellers. I don't know why but the guy is in Phoenix and didn't leave a power of attorney. So, we didn't get any keys. Our contract stated keys on closing (not closing & funding). We were sad...had deliveries scheduled, etc..etc.. So, we weren't gonna get the keys until Thurs or Fri. Then, our realtor called and said he got them to agree to give us the keys...if we signed a waiver for injuries, etc. ok, we signed..it was a 3-day lease agreement. Then, the realtor came back and said they wanted $20 a day..we were in a bind..so..what could we do..our realtor offered to reimburse us..but it seemed not his fault.. Anyway..what a crazy day...
Nan, where did you get your homeowners insurance? We're closing in two weeks and have been quoted homeowners insurance of over $1,000 a year where Countrywide estimated it to be around $550.
Where do you live, and which company is Countrywide quoting? You can get your own insurance, just make sure you have a binder (or policy) ready at closing. breeze
Breeze, we live in a suburb of New Orleans and Countrywide didn't quote a specific company (as they said, it was just an estimate). However, the first five calls I made (in hindsight) I should have specifically asked for h02 level insurance--thinking now that they may have been quoting the highest level insurance for homeowners (think it's h06).
Let me give you a little insurance lesson HO3 is the standard all-risk homeowners coverage. It is the one you want if you can get it. HO2 is a dwelling fire policy, it does not cover all risks and is usually used for homes built prior to 1940 without updates in electricity, plumbing, materials, etc. HO2 covers stated risks, as opposed to all risks. HO6 is coverage for condominiums So, when you get quotes for your homeowners, try to get quotes for HO3. If the house is worth, say, $92,000, and the premium seems high, sometime the agent will quote you at $100,000 of coverage, and you actually get a lower premium. We can do this only if it is really close. If the house is worth $55,000 an agent cannot quote you $100,000. See what I mean? You may have higher rates because of your particular location. Wind coverage (hurricanes are a big risk in your area) can be very expensive now, and also, you may need flood insurance, depending on the elevation of the house. There is usually a dept of the city government that can tell you the elevation of the land where the house is situated, so the agent can quote you flood insurance rates. Flood insurance quotes will be the same from all companies, and only varies depending on what coverage you select for "contents" - that's your furnishings and personal belongings. Your rate can also be influenced by how far (in miles) you are from a fire station. I would still get some quotes on your own. It is perfectly OK, and the agent will know what to do. Hope this helps. breeze
Wow! Breeze..you are so helpful always! I bought my insurance through GEICO..cost $374. And, congrats on your upcoming closing!! You'll be a homeowner in no time!
-------------------------------------------------------------------------------- Your rate can also be influenced by how far (in miles) you are from a fire station. --------------------------------------------------------------------------------- FIRE HYDRANT LOCATION ALSO...MY AGENT ASKED ME TO TELL HIM THE LOCATION OF THE TWO NEAREST HYDRANTS....
