Homeowners Insurance Question - 4/1/13 | TigerDroppings.com
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tdavi48
LSU Fan
NA
Member since Mar 2012
606 posts

Homeowners Insurance Question

Just bought a house and the lady at the bank gave me some Insurance quotes and said she could add it to my monthly payment. I asked her if I could get my own quotes and she said yes. My question is, if I bundle my auto, homeowners insurance could I still roll it into the payment?


ljd4662
LA-Lafayette Fan
Baton Rouge
Member since Aug 2012
90 posts

re: Homeowners Insurance Question
when you say "roll it into the payment" I assume you mean that your mortgage company will set up an escrow account for homeowners insurance and property tax. I have geico and the homeowners and auto policies are bundled together. The homeowners policy is escrowed by the mortgage company.


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wickowick
LSU Fan
Head of Island
Member since Dec 2006
27300 posts

re: Homeowners Insurance Question
quote:

My question is, if I bundle my auto, homeowners insurance could I still roll it into the payment?


Very doubtful, escrow typically pays the HO, the insurance company will bill you for the rest...


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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8236 posts

re: Homeowners Insurance Question
quote:

if I bundle my auto, homeowners insurance could I still roll it into the payment?


You get the bundle discount from the insurance company regardless of how it's paid but no, you can't pay your auto insurance out of your escrow account.


tdavi48
LSU Fan
NA
Member since Mar 2012
606 posts

re: Homeowners Insurance Question
Well what about still bundling everything, and just paying the homeowners out of the escrow account?


Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8236 posts

re: Homeowners Insurance Question
quote:

Well what about still bundling everything, and just paying the homeowners out of the escrow account?

Sure. Your lender may even require it.


tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
13964 posts

re: Homeowners Insurance Question
We were able to NOT escrow our ho insurance ... WE kept OUR money and paid it when due. Same for taxes.


oilmanNO
LSU Fan
Member since Oct 2009
2347 posts

re: Homeowners Insurance Question
What lender?


tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
13964 posts

re: Homeowners Insurance Question
Local bank that then sold it to Standard Mortgage but it had to do more with having equity in the home.


bigwheel
LSU Fan
Lake Charles
Member since Feb 2008
3075 posts

re: Homeowners Insurance Question
no, and it not a good idea. Over the years you will trade autos, or drop collision. but you will still be obligated to the monthly note


Chad504boy
USA Fan
Five Oh Four
Member since Feb 2005
89544 posts

re: Homeowners Insurance Question
quote:

no, and it not a good idea. Over the years you will trade autos, or drop collision. but you will still be obligated to the monthly note


hah


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