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Carrie Said:

Hazard Insurance - closing on house tomorrow?

We Answered:

I agree with what the other two people said. Most people find it convenient to have the bank escrow money for their taxes and insurance. Your monthly payment will be a little higher, but when the next payment is due, the bank will make the payment. You don't have to worry about saving enough money do do that.

However, some people prefer making these payments themselves. Perhaps you are one of them. Talk to your lender about discontinuing the escrow account for taxes and insurance so you can pay them yourself.

Scott Said:

Do I need both hazard and homeowners insurance for a condo?

We Answered:

Home insurance covers lots of different things. I don't understand all the fine print of my homeowners policy, but my home insurance agent is always a phone call away. Try visting your agent or a homeowners agent in your city. http://www.americaschoicetoday.com/Home-Insurance.html They will be able to help you.

Dan Said:

Real Estate Mortgage Legal Question: How can a lender force place insurance for an escrowed loan? ?

We Answered:

I work for a lender. If we promised to pay your insurance through escrow and are unable to contact your insurance company- or the company refuses to send us the documents- the borrower is responsible for giving us that information. Lots of times it's sent to the wrong location or the fax doesn't make it through.

I am an underwriter and I'm responsible for entering in the insurance information. At times, mistakes happen and I might type in the wrong phone number so the escrow department can't reach the agency.

Thing is, if your house burns down the first day we haven't paid your insurance premium- WE are responsible to completely re-build your house. Our company lost a 600K house in washington to a fire and the insurance was one day late- we had to rebuild the house for the borrowers. So if we can't get proof of insurance, and you won't provide it, we're going to force you to buy our coverage until you provide it. There's nothing illegal or predatory about that.

If you obtained the insurance to begin with, you should have no problem contacting them for your renewal page to forward to the lender. Shouldn't take more than 10 minutes. If it does, I suggest finding a new insurance agency since a longer timeframe suggests they don't really care about your business.

Jackie Said:

Should Christians pay higher car insurance premiums?

We Answered:

You have good sense of humor, which is making me rapturous.

Martha Said:

how insurance premiums are determined in a competitive market?

We Answered:

Each company hires actuaries to determine their premiums.

Here in the USA, there really isn't any competition between public (government) insurance and private.

Two lines are exclusively government run - unemployment insurance, and flood insurance. One line has both public and private - health insurance, but those who QUALIFY for public health (medicare and medicaid) also buy private insurance if they can afford it, because of the limitations of public health insurance. Public health insurance is "sold" at a DRASTICALLY underpriced amount, heavily subsidized by the taxpayer.

For the rest, you're looking at major thesis work here - you should start with Wikipedia.

Clarence Said:

Home Hazard Insurance?

We Answered:

Depends upon the lender. They want to make sure the insurance is paid. Many lenders rate quote is for a mortgage with tax and insurance impounds. If you choose to not have impounds, your rate often goes up 1/4%. Your choice.