Insurance Question

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I have a home that the insurance is not in escrow. There was a mix-up when I took possession of the home (mostly my fault) and the current insurance expired by a month. I went in to pay it and they said they could no longer find a writer for it.

The best they could do was offer a hi-risk policy at around a $1,000 a year. The old amount was $684

It's hard to find another insurance company that will carry a rental place without carrying it on your own home.

(Is there a question here?...) Oh Yea,

1. What is the best, cheapest way to get insurance on a home that is a lease to own property?

2. What is the normal amount investors pay for insurance for homes $120,000-$150,000

Comments(2)

  • Tedjr2nd March, 2004

    I went on line and got an array of quotes on my home. From $667 to $1900. The high and low were from the same company but different agents. The low was actually from Texas Fair plan, a pool of underwriters that is actually thru a Farmers agent that writes all kinds of policies. At this time it is hard because so many companies lost money on mold claims and bad weather. Insurance is hard to find and expensive but if you search you can find a deal. Try farm mutual companies as they are non profit. One here locally is Pioneer Farm Mutual and another is German American Farm Mutual to give a few examples. They were started by farmers to self insure and kind of grew. You may have the same there just north of us a few miles.

    Good LUCK and Thank You
    Hope this helps some
    Ted Jr

  • norrist2nd March, 2004

    1. High deductibles are the best way to offset property premiums.
    2. Combining locations onto "master" or "blanket" policies is another.
    3. Drop the coverages that you don't need, won't use, or that benefit to amounts less than the deductible.
    4. Combine higher liability limits on differnet type of exposures with umbrellas.
    5. Don't file small claims.
    6. Keep your property in updated condition (from the insurer's perspective especially...roofs, gutters, electric, etc...
    Cosmetics (external) also go a long way in keeping an underwriter happy.
    7. Pay your bill timely.
    8. etc...

    Hope this helps. I probably have more if needed...

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