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Message
re: What do you do if you can’t find insurance to insure your house?
Posted on 5/23/24 at 1:15 pm to fareplay
Posted on 5/23/24 at 1:15 pm to fareplay
Do you realize this policy does not cover the most likely claim event being a hurricane??? if that is included your policy doubles to about 7K a year. Now come back and complain when your parents insurance is $700 a month
This post was edited on 5/23/24 at 1:17 pm
0
Posted on 5/23/24 at 1:52 pm to fareplay
quote:
They own it too, they don’t need insurance?
Insurance flowchart:
1) would it financially devastate you to lose the item?
A) yes—> buy insurance
B) no—-> don’t buy insurance
Posted on 5/23/24 at 1:58 pm to fareplay
That is an x-wind policy, and it only provides 1,000 in personal property. Is the house fricking empty? That’s the shittiest policy I’ve seen and I’m an agent
Posted on 5/23/24 at 2:01 pm to DCtiger1
What company let’s talk
Also it’s landlord policy with renters supplemented
Also it’s landlord policy with renters supplemented
This post was edited on 5/23/24 at 2:02 pm
Posted on 5/23/24 at 2:05 pm to fareplay
That's cheap.. I just re-newed my policy... $5000.00 with a $4000.00 deductible.. The year Biden took office it was $2800 with a $1700 deductible... In Metairie.... 1700 Sq Ft brick house..
Posted on 5/23/24 at 2:22 pm to fareplay
quote:
on the gulf coast
quote:
3.5k premium with a 1% deductible for a 400k home
quote:
fareplay
Posted on 5/23/24 at 2:27 pm to fareplay
In Louisiana you can always find insurance even if you have to go through Citizens. It may be crappy insurance at a high price but you can get it.
Posted on 5/23/24 at 3:17 pm to fareplay
That’s a bargain. Cheaper than Jefferson Parish. I’d run with that.
Posted on 5/23/24 at 3:21 pm to fareplay
quote:
What the frick
So it doesn't cover for the most likely scenarios that damage or destroy homes...and with that cost removed you still think it's pricey?
Posted on 5/23/24 at 3:22 pm to Athis
My wind/hurricane deductible is more than a roof replacement. Although I did manage to find coverage less than 7k this year. So I’m happy.
Posted on 5/23/24 at 3:24 pm to fareplay
quote:
That sounds nuts. Yes annual but that’s 300 a month just for insurance
Where the hell have you been? In LA, you’d pay double or triple that if you close the coast. I’m no where near the coast and above I10 and mine jumped to over 5k last year.
Posted on 5/23/24 at 3:35 pm to I20goon
quote:
Can alway form a llc, get fed tax ID as S-corp for llc, quit claim to llc, get corporate "property" coverage instead of "homeowners" insurance AFTER checking with mortgagee that it won't trigger due on sale clause and can keep same rate (in this enviroment) if refi required to pull it off.
Real estate in a corporation? Don't take this dude's tax advice.
Posted on 5/23/24 at 3:49 pm to jclem11
This is crazy talk. Even if your parents own the home (why are you involved) are they at the age they cannot do this on their own? If so you want to make sure you are taking care of their property. It may be yours one day. I live in zone a of the Florida coast even though my house is at a high point I still get connected to houses dropping into the ocean. You just gotta bite the bullet. Most states have what is called citizens insurance through the state. It’s expensive. Find a broker who does insurance let them find you the best deal. Depending on where the property is be careful about the roof coverage. Flood insurance you can do through something separate.
Here they will not issue insurance on a house that has not had their roof replaced in the past 10 years some places even say 5.
Here they will not issue insurance on a house that has not had their roof replaced in the past 10 years some places even say 5.
Posted on 5/23/24 at 3:57 pm to BabyTac
Even if you own your home free and clear, you should still have a standard fire policy, even if it's ex-wind and hail.
Posted on 5/23/24 at 4:08 pm to fareplay
quote:
They own it too, they don’t need insurance?
Posted on 5/23/24 at 4:21 pm to fareplay
quote:
What do you do if you can’t find insurance to insure your house?
thats when you just roll the dice, not much else you can do
i got a quote for $4800 on a beat up old house needing lots of repairs, that i bought for $35k, because hurricane zone BS, so i told em to frick off, here 14 years later i saved a small fortune ($67,200) by just not submitting to robbery
that money is more than enough to cover any damage right out of pocket that i might have a claim for
some people think they cant live without insurance, when you dont really need it.
Posted on 5/23/24 at 4:26 pm to fareplay
quote:
you can’t find insurance to insure your house?
quote:
1 provider willing to insure but at 3.5k premium
Sounds like you can find insurance
Posted on 5/23/24 at 4:28 pm to fareplay
quote:
Yes annual but that’s 300 a month just for insurance
My house in the Ms delta in a non flood area is 200 a month. And it’s only a 225k house
300 a month for a 400k house on the gulf is cheap as frick
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