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Jeffery Said:

REVISED Does Insurance Agency Owe Me? If so, what?

We Answered:

This is going to be complicated and you are definitely going to have to get the Insurance Department of your state involved because the agent broke the law.

The $50 you brought to start the policy acted as a 'binder' and bound the insurance company to the coverage from that point on you were fully insured (as long as you didn't lie on the application).

So at that point, the mortgage company's insurance was unnecessary which means that coverage can and should be retroactively cancelled with a full refund of premium.

The agent who cashed your check without issuing the policy needs to have his/her license either suspended or revoked. This is a serious violation of law and it needs to be addressed immediately.

Your insurance department, armed with this information, can issue an enforcement action, requiring both the insurer that you originally had and the forced insurer to repay you.

Your boyfriend's agency is also going to be in trouble for hiring and not properly supervising this law breaking agent.

All this being said.......if you really love your boyfriend....is all this really worth $300?

Daisy Said:

I need address or website to AAA Insurance, Corporate headquarter?

We Answered:

AAA is an AGENCY, not a COMPANY. They don't sell their own insurance, they sell other insurance company's policies.

Each agency acts on it's own. There's no "corporate oversight" over the agency. Feel free to send in a complaint to your state region, but don't expect to hear anything back from them.

The supervisor is right - the person misquoted, they can't do anything about it, and they can't make an insurance company issue a policy.

Kirk Said:

College student w/ no real income apply for mortgage?

We Answered:

I doubt it is legal to use student loan to buy investment properties.

No, you will not qualify for a loan. In order to qualify you need both a down payment and some way to pay the loan if the building is vacant. You can only count rent from property you already own as income.

Andre Said:

How much home insurance should I get?

We Answered:

You're going to need to talk this over with your agent. It depends ENTIRELY on what type of policy you have, and what the VALUATION METHOD is for your policy. If it's a replacement policy, it's going to be cost to rebuild. If it's a market value policy, it will be for the market value.

Does that third quote have any wind coverage at all, or does it exclude wind? How about endorsements? Do deductibles match? Do you have any guaranteed replacement cost on building or contents? Do you have building ordinance or law coverage??

TALK TO AN AGENT. They should be able to answer these questions. NO ONE HERE can answer you, as no one here knows the above answers!!

Jeanne Said:

What does a mortgage pmt consist of?

We Answered:

If you are putting less than 20% down, you will have PMI.

Your payment should include:

principal
interest
taxes
insurance
PMI (if applicable)

The papers you are getting should have it outlined for you, and if they don't CALL and ask! Do NOT agree to anything you don't understand. (that is how a lot of people got saddled with loans they can't pay now!)