Homeowners Insurance

[ericaneedshelp]

How does it work when you are buying a home? Do I get quotes and pay for the policy and bring proof to closing? Do I pay at closing?

[DallasLoanGuy]

get quotes. pick one you like.

 

give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there.

 

at closing, there will be a charge for one years homeowners insurance policy to be paid.

also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy

[aeronsmom]

get quotes. pick one you like.

 

give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there.

 

at closing, there will be a charge for one years homeowners insurance policy to be paid.

also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy

 

 

So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check?

[DallasLoanGuy]

get quotes. pick one you like.

 

give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there.

 

at closing, there will be a charge for one years homeowners insurance policy to be paid.

also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy

 

 

So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check?

 

who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs.

[JennM]

get quotes. pick one you like.

 

give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there.

 

at closing, there will be a charge for one years homeowners insurance policy to be paid.

also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy

 

 

So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check?

 

who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs.

 

What if our GFE only shows 3 months of HOI on it as a prepaid item? Is that all they will require upfront then?

[busymom4]

Your GFE should show the 1 year premium and and additional 3 mo. of HOI

 

ETA: above applies if you have already picked out the company you are going with and they have given a binder to the title company.

Edited June 7, 2006 by busymom4

[fla-tan]

get quotes. pick one you like.

 

give your loan officer the quote(or at least the agent' name and phone number) and they will take it from there.

 

at closing, there will be a charge for one years homeowners insurance policy to be paid.

also, if you escrow your pmts.... they will collect a couple of months to put in escrow for next year's policy

 

 

So its included in the loan if escrowed? Ok, I'm clueless. Who charges the one year's homeowner's insurance policy? The loan officer? Is that separate and so it would have to be paid at closing as a separate check?

 

who charges? your insurance company! state farm or whoever. the title company collects a 1yr policy amount at closing(and gives it to insurance company).... and it SHOULD be on your good faith estimate. so it will be considered a 'prepaid item' in addition to closing costs.

 

What if our GFE only shows 3 months of HOI on it as a prepaid item? Is that all they will require upfront then? The LO may be expecting you to pay the first year's premium outside of closing, though he/she should discuss this with you before making a determination. Alot of people will pay for it outside of closing and then they only have to cover the escrow funding for the HOI.

 

 

fla-tan

[Reilly]

Check this website out

 

removed by admin

 

You can actually comparison shop homeowners insurance online.

 

They also have online quotes for just about every kind of insurance.