You're NOT the ONLY one that this happened to. We had the same situation. Ours was with State Farm! I'll NEVER go back there! We gave our business to them for many years, and they cancelled it as a nasty neighbor turned it in even though furnished, paid for, family next door up North, and our paying the bills online... sent a letter and cancelled us!
Allstate is horrible, also! My relatives had been cancelled because Allstate INCORRECTLY copied a wreck exactly the same as 2 accidents the SAME DAY!!! A new insurance company found it and had them go to the Dept. of Motor Vehicles to straighten it out with a letter to give them. No matter how much my relatives tried before this to go up the ladder to show they should not be cancelled by Allstate being with them too many years to count and without a reason, they were turned away and were told no none else could talk to anyone in their company anywhere!!!... more
Hi Jodi,
There are so many variables, that an insurance agent needs to get a lot more detail on the property before you can expect an answer that is close.
The age of the home, location, construction type all play a part.
A hip roof is cheaper to insure than a gable roof.
Newer homes built to higher construction code cost less to insure.
Block construction as opposed to wood frame.
An older home may have had improvements made that would reduce the costs.
Even your credit score will affect the insurance prices.
You can call an insurance agent and give them the property ID number. They then pull the tax records and county data to determine original construction and improvements. Depending on the age of the home, a wind mitigation and/or a four point inspection will be needed.
All the Best,
Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
Realtor
Sandals Realty http://www.ExplainShortSales.com
941-306-7384
Team@JimSweat.com... more
It would depend on what finishes you would be looking at. Most new construction is selling at about 100-110/sq ft but that includes the lot. Best thing would be for you to check with a builder. I would recommend checking with randy wise homes or core construction who built the homes on chappelwood.
Myke Triebold
Mykesayssold@aol.com
8503056256... more
It is illegal in California for a bank to demand a certain amount of insurance coverage to cover the loan. Insurance is designed to make you whole, not pay off your loan. An insurance policy will repair/replace your home if you experience a loss. The policy will fix your home, not pay off your loan.
With that being said, many banks still try to make demands on how much insurance you can have. They only time they have a valid point is when your insurance limit isn't high enough to make you whole. They need the home to be insured at an amount that will rebuild the home should it burn down to the ground. They don't want home owners to walk away from a loan because there is not enough insurance to rebuild the home and now the bank is left trying to sell a pile of ashes on a lot.
Lastly an HO-6 policy doesn't insure the building. Your insurance is for the everything inside the walls(sometimes that includes the actual wall on the inside) . How much coverage you need depends on the condo association's master policy and what they cover. Call the association and ask them what the master policy doesn't cover and then you will know where to start. A good agent is always a good source for insurance information. Find an agent that you trust and knows how the insurance policy works.... more
Shopping around is always the best way to get the lowest rate on insurance. Don't forget all your discounts to help get that rate as low as possible. You can get discounts for buying your auto, home, life, and business insurance from the same company.... more
It also varies according to the price of the home. Most companies will ask you aboput specific features to see if discounts can be taken. Another factor is if you are taking it as replacement cost or home value.
Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023... more
You should find out how much coverage you need first. The reason I say that is because on a condo your building is usually covered by a master policy the you pay into with your association dues. The policy will cover the outside of the building and you will have to insure the inside. Call the association and ask them what the master policy doesn't cover and then you buy insurance to cover "the gaps". Most condo policies are anywhere between $150-$400 depending on where the condo is located, the amount of coverage you need, and yourself. The owner of the condo is always part of the consideration when it comes to the price of the insurance. Someone who keeps leaving the fire on the stove and burning dinners will be more than someone who never had a claim. I would love to give you an accurate quote if you are looking to renew your policy at a lower rate.... more
Our company would love to give you a quote and it's free. You should always try several places and compare rates and coverage. Price isn't everything or we would all be driving the Nissan Versa.... more
Most banks that write FHA loans will require that you buy homeowners insurance from an A rated insurance company. They want you insured with a company that can afford to pay a claim should the need arise.... more
You may be thinking of insurance that is paid as part of your mortgage payment. Mortgage companies may set up an escrow account that you pay as part of your mortgage payment and they forward the insurance money to the insurance company. It is still your insurance policy even though the mortgage company sends the check.
Sometimes when homeowners let thier policies lapse the mortgage company will get a policy that is called "forced place insurance". Those polices are obtained by the mortgage company to protect thier interest in the house but you still pay for it. They will increase your mortgage payments to offset the cost. Remember, forced place insurance only protects the banks interest even if you are the one paying for it. It is always better and almost always less expensive to shop around and purchase your own policy. You get way better coverage for a lot less.
Donald Stevens... more
A four family home can be written as a personal insurance policy or a commercial insurance policy. It really depends on the insurance company, the agent, and you. Availability is a factor as well as the type of coverages you want for your home.
The one snag you might have is the owner in one of the units. This makes it confusing for insurance companies because of the language they use to write the actual policy. The person residing in the property plays a large role in the types of coverages you can have and how much they are going to charge you to get that coverage. You have a building that is occupied by the owner and tenants which are two different risks when it comes to insurance. It gets even more interesting if one or more units are vacant because that becomes a third type of risk in the same building.
There are companies that specialize in your type of property. You should look for a Florida agent that specializes in landlord policies.
Donald Stevens... more
I answered a similiar question earlier so I thought I would repost for you.
You should look for a homeowners insurance company that has an A rating or better. The rating is a reflection of the companies solvency or ability to pay claims. Your neighbors are also usually a good place to start if you are new to the area. They have probably already been through the struggle of finding an agent and since most agents are always looking for new clients it shouldn't be hard for your neighbor to give you a referral. You can also check with your states enforcement actions to see if your potential new agent has had any problems in the past.
Donald Stevens
http://www.mylandlordinsurance.com... more
Assuming you called them? Call them again and mention that if you can't get either the papers or an explanation for the delay that your next call is to the GA real Estate Commssion and GA Bar.... more
The association's will have a master policy that will usually cover the actual building. You are usually responsible for the everything from the walls to everything else inside of the building. That could be cabinets, carpet, sinks, etc. How much coverage you need really depends on what the master policy covers. I always tell my clients to call the association and ask them what the master policy doesn't cover and how much of the deductible are you responsible for if your building burns down to the ground. This information will really help you get an idea of how much coverage you need. Many master policies are similar but they are not identical so the board will know or they will refer you to the agent who should know the answer.
Issue 2. You are going to have a tenant in your condo. Most condo insurance policies will only write an owner occupied condo. If you have a tenant, you may have to do a little work to find an agent who can help you. Many insurance companies want to insure your primary home to insure a condo rented to others so your best bet is to start with the agent that insures your home.
Issue 3. Are you furnishing the condo? The personal property coverage on your insurance policy should be for the appliances and furniture that you provide the tenant. You can't insure the tenant’s property, they have to buy a renters insurance policy to cover that. Also, always have your tenants buy renters insurance. It reduces your exposure especially if there is a fire or a bodily injury lawsuit because your insurance company can subrogate the claim.... more
If you purchased the home, the previous owner no longer has an insurable interest in the home. If they burn down your home and you don't have insurance and they do, you will not get paid because it is not your insurance policy and they will not get paid because they cant insure a home that they do not own. That would be like me selling you my car and keeping the insurance on it and you get in an accident and then they send me a check and you end up with a totaled vehicle and maybe a lawsuit. You should get a landlord policy until you are able to take possession of the home, that's my advice.... more