NLIC.org

Bernard Said:

Buildings insurance - we're buying a house and need to "put the insurance on risk"??

We Answered:

Try going through an insurance broker and get professional advice instead of the half-baked and often incorrect information given here.

Once contracts are exchanged you are responsible if the home is damaged and so acquire an insurable interest. If you know the date of the exchange of contracts then you can take out insurance effective from that date i.e. put it on cover. The policy schedule is evidence that an insurance contract has been entered into (you can get renewal notices/ policy booklets but they don't provide proof that cover is in place).

So it is in your own best interests that you arrange cover to start on the date of exchange of contracts. You can go into an insurance brokers and get policy booklet and schedule produced there and then and walk out with them. You'll also get free professional advice and immediate quotes from a range of insurance companies (all of whcih will be accurate which is more than I can say for quotes obtained by 'aggregator' websites.

Arthur Said:

Can you take over a fire insurance claim when buying a house with an open case?

We Answered:

If there is a claim the only way to find out is to ask the owners. However, you cannot "take over" a claim. Any payout will be paid to the policy holder (owner) and, if applicable, the lien holder. They would have to sign the payout over to you.

Raul Said:

where do I buy house insurance in Oklahoma?

We Answered:

Any Insurance company should be able to give you a Homeowners Policy. The same company you have your vehicle ins. through should be able to help you with the house too!

American Family is pretty good and they usaully don't pester you with stuff.

Charles Said:

I need to buy house insurance but don't know what company to go with.?

We Answered:

Amica is a great direct writer. They've got low prices, but are fast to cancel you with a claim.

USAA, if you qualify, is probably the best. I also really like Travelers and Erie.

Right now, my personal homeowners is with State Farm.

You're best off checking first, with the company that writes your car insurance, though.

Erik Said:

What fees I will be associate with when I am buying a house?

We Answered:

Almost all the fees that a buyer pays would be associated with the mortgage. If you talk with a mortgage officer that is familiar with your city they will be able to line most of this out for you.

If you get a loan over the internet you will not get any guidance from those lenders because they do not know what might be charged in your area.

In addition to loan fees you may be charged title insurance (in our area the seller pays for this but in some areas the buyer does). You may also have to provide a clear termite inspection. You would be foolish to buy a home without a home inspection.

You should find a good real estate agent to represent you. A buyer's agent. They will collect their fee out of the commission that the seller is already paying even if you don't get your own agent. The buyer agent would be able to help you figure all these fees out and estimate how much it would cost you to get into a home. I am a Realtor and have been for thirty years and have never recieved any fee at all from the buyers I have worked for.