OfflineYes. A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.
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You can always arranged to have the insurance included in your mortgage payments so that will be one less bill to pay each month.
Warm regards,
Paul
Thanks for the info. Insurance is 100% necessary.
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I always suggest that you include the insurance payments in the mortgage unless you are completely organized and can keep tabs on each and every one of your properties. It is also extremely difficult to come up with the annual payment all at once, especially with several properties. If you can put it into a separate account, then you can enjoy the interest throughout the year. That would be wise and help to take some of the sting out when the payments come due.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
where State Farm will not give me a quote for Home owners insurance policy until the house is actually occupied. I'm paying cash for property. I like to know ahead of time as far as what I would be looking at paying for insurance premium on any potential deal so I know all my estimated costs.
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In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
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I called State Farm yesterday and told them I was looking to purchase a rental property and they asked several questions about it and gave me a quote and gave me all the particulars on what it would cover. I do have auto ins with them, I don't know if you do or not. That could be the reason why.
Hello,
When i did my REFI in 2-08,I had to go thru 4 point inspection and front the house insurance/Later to be billed to escrow!I'm FL and here when an house is 50+,You need a 4 point inspection...A/C,Plumbing,AC/DC and Roof.And too top it off,With my house being 50 plus years mature...Only the state ins would insure. Six months ago ,I was picked up by an private carrier.They made promise of lower rate,I am probably lucky they have not gave notice of (Give us more money and we will be your best-friend)your rate just went up!
Bottom line for me,Is an AVE. to learn and vent/DG.com
Randall
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