Is it a percentage of the mortgage or does it just depend on what it covers?
2007-01-08 13:29:39 · 7 answers · asked by lisa_b_666 1 in Business & Finance ➔ Insurance
My husband and I just bought our first home in August and we made sure that the insurance and taxes were added into the mortgage payment. That way you don't have to worry about coming up with all the money at once. Another thing we learned was to make sure that the house is in homestead and not rental. It all depends on the state that you live in but in Michigan if a house hasn't been lived in for so long it goes into a none homestead and that raises the taxes. I get to go tomorrow and talk to the clerk and make sure that ours has been changed. Good Luck with the new home.
2007-01-08 13:37:50 · answer #1 · answered by Rennie 2 · 0⤊ 1⤋
It is NOT a percentage of the mortgage, and it varies wildly by location, claims history, and YOUR credit score. A house in Iowa might cost $300 a year to fully insure, and the same house in Florida might cost $5,000.
You will HAVE to get a quote from a local agent.
2007-01-08 17:46:06 · answer #2 · answered by Anonymous 7 · 0⤊ 1⤋
UK Insurance
Depends on your postcode but between £15 - £30 per month unless you have a lot of contents or a high buildings sum insured. Go online and get free quotes and then call a broker. Thats what I did as mine matched my best online quote but I had the service of a broker and independent advice when i needed it. Whoever you choose ensure they are regulated by the FSA (Financial Services Authority).
2007-01-08 23:48:21 · answer #3 · answered by Angel1 2 · 0⤊ 1⤋
You will have to hold full coverage just as a condition of getting a mortgage. Like property taxes, the lender will require you to pay the first year's premium up front (coverage for the upcoming year) and require you to escrow - make monthly payments to them - to fund next year's premium amount. It protects them.
Welcome to the joys of home ownership.
2007-01-08 15:26:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on where you live. My insurance and taxes add another 80% to what my mortgage is, so you want to be careful!
2007-01-08 16:19:07 · answer #5 · answered by Catspaw 6 · 0⤊ 0⤋
Call your mortage insurance agent and ask him how much the monthly priemem is. Expect it to go up yearly. As the value of your house goes up ...so does the priemem.
2007-01-08 13:37:52 · answer #6 · answered by Barbara M 1 · 0⤊ 1⤋
It depends on the location, the size of the home, the replacement value of the home, natural disaster (flood, fire) and how much stuff you want to cover.
Congratulations, by the way.
-MM
2007-01-08 13:35:57 · answer #7 · answered by Anonymous · 0⤊ 1⤋