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Buying my first house, insurance questions, need help
Posted on 9/18/17 at 10:39 pm
Posted on 9/18/17 at 10:39 pm
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.
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.
8
Posted on 9/18/17 at 11:10 pm to Relham10
Just call a broker. They will give you several quotes. shite, call 3 brokers. There's a bunch of them. Take lowest quote from a reputable company. Done
Posted on 9/18/17 at 11:21 pm to thatguy777
I've cut my insurance premiums in half by going with Met Life both car and home.
Posted on 9/19/17 at 6:25 am to Relham10
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.
Also, don't escrow. Pay in full. Most take credit cards
Get car and home from same company to save money.
Posted on 9/19/17 at 7:00 am to Relham10
start with your auto insurance company as you get discounts for having multiple policies with a provider.
Posted on 9/19/17 at 8:35 am to CorkSoaker
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 9/19/17 at 8:36 am
Posted on 9/19/17 at 10:39 am to Relham10
Get flood insurance even if not in a flood zone
Posted on 9/19/17 at 11:35 am to Kramer26
quote:
Get flood insurance even if not in a flood zon
Dwelling and contents
Posted on 9/19/17 at 12:01 pm to TigerRob20
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 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.
Posted on 9/19/17 at 12:23 pm to Relham10
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.
My experience was that MetLife was the cheapest.
Posted on 9/19/17 at 12:26 pm to Relham10
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.
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 9/19/17 at 12:32 pm
Posted on 9/19/17 at 12:38 pm to CorkSoaker
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
Posted on 9/19/17 at 6:32 pm to Relham10
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
Posted on 9/20/17 at 9:36 pm to Relham10
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.
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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