Thread: No homeowners insurance?

The homeowner is responsible for obtaining home owners insurance. Most lenders require you purchase insurance. What type of payment to your insurance company are you making? PITI (Principle, Interest, Taxes, Insurance)?

Called the closing law firm and they sent the check to the company that got everything together for my loan.

What does "company that got everything together for your loan" mean? Are you talking about the title company? Mortgage company? It is ultimately on you to make sure you have insurance. Lenders will require you to have insurance usually if you borrow more than 80% of the propertry value. If you are under that 80%, it is not required by lenders usually.

Sounds to me like the title company screwed something up. I'm not license though just to warn you.

Is this a condo/townhome/loft? Is there a Home Owner's Association?

Did you put 20% down? Did your lender/title have you sign any documents referring to insurance at closing table?

When seeking home owners insurance, nothing is more important than your home, and all that it holds. While in the process of weeding out the best policy you must be prepared for what is to come as well as the final goal.First things first identify the cost rebuilding your home. Your home owners insurance should cover the replacement cost should you have to rebuild. You can start by determining the median for local building expenses as they apply to the size your home, the quality of construction, as well as the style. The most assured a way to identify this cost would be a crude hack a local contractor or home builder. Often for a flat fee they can identify the cost for you. While discussing your home with this contractor make clear any antique appliances moldings, or other unique building materials in your home. Another valuable step would be to contact a real estate agent or independent insurance agent to examine your home. They will be able to identify any special features you were not aware of. This will facilitate complete coverage for your home. She decided to deal with a direct marketer instead of a local agent who are better equipped to accurately report your homes details. Things such as building cabinets, antique wood, stained glass , marble inlays, as well as any unique appliances that you may have add to the cost of your home and your insurance.Another advantage to doing direct contact is identifying discounts. Once you have complete coverage for the cost of your home ask for them. Most homeowners leave the discounts on the table. If you seek you shall receive, so speak up one sure comfortable with your policy.
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Do you have an escrow account with your mortgage company? Your escrow account holds the insurance and property tax portion of your PITI monthly payment and will send the payment to your insurance company and tax authority. Contact the customer service of your escrow account for insurance company information.