Home built in 1937 with 3 year old Bankruptcy on credit history.
2006-10-05 17:53:52 · 7 answers · asked by RON PAUL for President 2008 2 in Business & Finance ➔ Insurance
If the house has been updated (wiring, plumbing, heating and shingles) then you should not have a problem. The one thing that you need to look for is a company that does not do credit scoring. There are a few out there. Your best bet is to contact an independent agent, explain your situation and see what they can do for you. I have helped people in your situation before. It can be done but you are not going to be able to get "low" rates.
2006-10-06 02:52:51 · answer #1 · answered by blb 5 · 0⤊ 0⤋
The higher the deductible, the more money you will save. Most insurers surcharge you if the deductible is under $1000.00. Most allow the deductible to be as high as 3% of the replacement cost.
In order to save money, I would suggest insuring the home for 80% of the estimated replacement cost. This will allow you to keep hidden options in the policy such as an extra 20% in case of a total loss.
If there is someone older than you with better credit that has a financial stake in the property (spouse, name on deed, land contract etc) put them on the application & they willl usr their credit characteristics.
Insure the dwelling for actual cost value rather than replacement cost. Premium will be lower. Do not add options such as back-up. If they are sutomatically included, aske to have them removed if you will save on premium.
2006-10-08 15:04:11 · answer #2 · answered by Renee Reddington 1 · 0⤊ 0⤋
Well, you don't~!! I'd go to www.foremost.com and see if you can find an agent there that will give you a quote. Your problem isn't finding cheap rates, it's finding ANYONE WHO WILL TAKE YOU.
Alternatively, you can update the wiring, heating, plumbing, replace the roof, and take a $10,000 deductible on possible claims, insure the house to 110% replacement value, and you're much more likely to get a good quote, IF you don't have any dogs, trampolines, horses, swimming pools, or claims in the past five years.
2006-10-06 09:58:54 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Sorry for your situation!
However, there are some company will take your homeowner insurance. You may don't get the all the coverage as many as a normal credit history holding person.
Check this out;
http://www.insureme.com/landing.aspx?Refby=614136&Type=home
Never know!
You may find the right quote for your need.
2006-10-09 12:17:01 · answer #4 · answered by John 2 · 0⤊ 0⤋
Sorry, is very hard get "low" rates. But is like that if you are poor all made you more poor. Bullshit - here is worst system in any insurance and loan , if you are sick you are paid higher health insurance if you are self-employed with very good credit and 20% down payment you are paid higher % any way. If you are poor and you are have poor credit you are sold.
2006-10-07 00:15:27 · answer #5 · answered by Freesia 5 · 0⤊ 0⤋
It depends on where the home is located, what it's made of, any updates to major building components, etc.
You need a professional you can trust, shop around.
There may be a government program for hard to insure risks in your state.
2006-10-06 01:05:30 · answer #6 · answered by just visiting 5 · 0⤊ 0⤋
Check with your state's FAIR plan (Fair Access to Insurance)...or it might not be called that, but something similar. You can get insurance for the dwelling, but not on a replacement value basis, and you can also insure contents. You'd need to call your state's department of insurance, and provide proof (possibly) that you've been declined by other carriers.
2006-10-06 20:50:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋