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Relham10
LSU Fan
On Da Bayou, Louisiana
Member since Jan 2013
4369 posts

Buying my first house, insurance questions, need help
Buying my first house, single guy, my head is spinning due to being overwhelmed with this pricess. The lender I'm dealing with got me 1 quite on home insurance so far, waiting for 2 more to come in so he can send them to me.

What's the best way to go about finding myself a good deal?

Anyone ever deal with that company matt moscona is always advertising on his radio show. They find you the best insurance deal. Thoughts? Any help would be appreciated.


thatguy777
LSU Fan
br
Member since Feb 2007
1663 posts
 Online 

re: Buying my first house, insurance questions, need help
Just call a broker. They will give you several quotes. Shit, call 3 brokers. There's a bunch of them. Take lowest quote from a reputable company. Done


Popths
LSU Fan
Baton Rouge
Member since Aug 2016
1161 posts

re: Buying my first house, insurance questions, need help
I've cut my insurance premiums in half by going with Met Life both car and home.


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CorkSoaker
LSU Fan
Member since Oct 2008
7779 posts

re: Buying my first house, insurance questions, need help
Go with a higher deductible plan from a reputable company. It's all a gamble and insurance will screw you in the end. Might as well save as much of your money as you can.

Also, don't escrow. Pay in full. Most take credit cards

Get car and home from same company to save money.


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
6008 posts

re: Buying my first house, insurance questions, need help
start with your auto insurance company as you get discounts for having multiple policies with a provider.


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TigerRob20
LSU Fan
Baton Rouge
Member since Nov 2008
3302 posts

re: Buying my first house, insurance questions, need help
quote:

Also, don't escrow. Pay in full. Most take credit cards



Will a bank allow that? You may be able to pay your auto insurance if bundled, but I think most banks force you to escrow (because they want to ensure it is insured).

I could be wrong.....

+1 on MetLife, my insurance broker put me on their plan (home/auto) and it has saved me about $1000 a year.
This post was edited on 9/19 at 8:36 am


Kramer26
New Orleans Saints Fan
Baton Rouge, LA
Member since Jan 2005
5752 posts

re: Buying my first house, insurance questions, need help
Get flood insurance even if not in a flood zone


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
10767 posts

re: Buying my first house, insurance questions, need help
quote:

Get flood insurance even if not in a flood zon


Dwelling and contents


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30
CorkSoaker
LSU Fan
Member since Oct 2008
7779 posts

re: Buying my first house, insurance questions, need help
I have never escrowed my homeowners insurance. Always pay myself, in full, with credit card (to get points).

I have seen and heard of way too many cases of mortgages not paying the insurance. For example, my mother. She escrowed, paid mortgage each month, Katrina happens, surprise she found out she never had insurance. For years. But paid chase mortgage for it for years. And guess where all her documents were? In the house that flooded.


I don't like to rely on anyone else paying my bills for me.


Dayman
Member since Sep 2015
400 posts

re: Buying my first house, insurance questions, need help
In my opinion, insurance broker is an unnecessary middle-man. Call some companies directly and see what you can get.

My experience was that MetLife was the cheapest.


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Bullfrog
LSU Fan
Damn my glass house is fulla holes.
Member since Jul 2010
31467 posts

re: Buying my first house, insurance questions, need help
You have to pay the first year upfront and get proof to the bank or closing attorney.

If you put less than 20% down, the mortgage company will likely have next year's amount be put in escrow with every monthly mortgage payment.

Next year, your escrow will jump from the property tax being assessed on a presumed higher home cost than what the old owner was charged.

So build into your budget a good jump in escrow payments in a year.

ETA: This process may show it is a better deal if your car insurance company can bundle with the homeowner's insurance. So be sure you get a quote from them, if they write homeowners.
This post was edited on 9/19 at 12:32 pm


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TigerRob20
LSU Fan
Baton Rouge
Member since Nov 2008
3302 posts

re: Buying my first house, insurance questions, need help
quote:

I have never escrowed my homeowners insurance. Always pay myself, in full, with credit card (to get points).

I have seen and heard of way too many cases of mortgages not paying the insurance. For example, my mother. She escrowed, paid mortgage each month, Katrina happens, surprise she found out she never had insurance. For years. But paid chase mortgage for it for years. And guess where all her documents were? In the house that flooded.

I don't like to rely on anyone else paying my bills for me.


I'd love to be able to do this. After googling, it seems like it just depends on the lender you use. Unfortunately, I don't believe I can do this with Chase.

Good job grabbing those points though



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Chad504boy
USA Fan
Member since Feb 2005
116610 posts
 Online 

re: Buying my first house, insurance questions, need help
Compare financials of insurance companies of your top 3 quotes. Keep in mind deductibles etc when comparing. It's not rocket science and a goodnagent can go through differences w you


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MakersMarkFan
LSU Fan
Member since Nov 2016
64 posts

re: Buying my first house, insurance questions, need help
ASI has been the cheapest when I've shopped around. They all suck for the most part. Just find the cheapest with a deductible you are comfortable with. Watch for "named storm" deductible. State farm wanted a 5% deductible for "named storm", I laughed, said thanks and ended the call.

Honestly though, depending on your age and career field, think long and hard about buying a house. Yea, rates are low, building equity, etc.... But career changes happen and spouses happen. You're gonna spend a good bit buying a house, plus upkeep... just make sure you plan on being there long enough to recoup some of your up front expenses.

And a 15 year loan....

Best of luck.


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