Comments on: What You Need to Know About Buying House Insurance

By: pjuske2

pjuske2 — Wed, 19 Aug 2009 21:46:44 +0000

maybe that ws whare R2D2 come from?

By: dallas patent

dallas patent — Wed, 19 Aug 2009 19:48:23 +0000

If you're not living in it, it's not going to be a homeowners policy. It will cover the structure. If you're doing more than cosmetic work, it's a type of builder's risk policy called an installation floater. If it's just cosmetic, you can buy a vacant dwelling policy. You can't add liability to an installation floater, but you can't add building materials on premises to a vacant dwelling policy.

And just because you're there every day, doesn't mean it's "owner occupied". If you're not LIVING there, it's unoccupied, aka, vacant.

Insurance on a flip house is NOT going to be what you're likely to think of as reasonable.

You need to sit down with your agent and discuss this in detail. If you're going to be flipping houses regularly, you're going to need a close relationship with an agent who can get things done for you.

By: TheDoctor300

TheDoctor300 — Wed, 19 Aug 2009 19:00:15 +0000

A ring modulator. Probably killerringer.

By: Zot!

Zot! — Wed, 19 Aug 2009 18:58:07 +0000

You will also need fire insurance and be certain that your coverage will cover you in the event of a landslide.

By: MazziWoo

MazziWoo — Wed, 19 Aug 2009 18:46:20 +0000

itz a bloody call center all right!! lolage!! lolage!! lolage!!

By: markstravelin

markstravelin — Wed, 19 Aug 2009 18:08:18 +0000

The answer could vary by person.It is alway a good idea to hear the suggestion from different sides and try to choose the best one.Here http://www.insuranceidea.info/free-insurance.htm is a good one i recommend.

By: janet b

janet b — Wed, 19 Aug 2009 13:48:45 +0000

I believe underpinning is a term used best to describe a strengthened or replaced foundation of a sagging structure.
I live in the state of Florida & I know that Florida's high risk pool probably wouldn't even insure the house.
I would totally stay away from this property. It just wasn't meant to be & something better will come along.
FYI: Just because the property is currently insured doesn't mean the insurance company is willing to continue coverage on that risk. You can't just tranfer a policy from one customer to another. A new policy would have to be written & re-underwritten per that companies guidelines.
Hope this helps…
Good Luck

By: frozen555

frozen555 — Wed, 19 Aug 2009 11:04:05 +0000

First of all — if you can't get title insurance, NO ONE will lend you the money for it.

Secondly — if there is a lien against the home, it must be paid out of seller's proceeds or the seller has to come to the table with money to pay the lien.

NEVER EVER buy a home without title insurance. Title insurance assures you have a clean title.

You may want to consider seeking attorney help or realtor help to write a good contract that she will accept. In other words, she has agreed to sell the property to you for a certain price. You might be able to put something in the contract that says you will clean up the property so the county will stop assessing the lien, but she cannot raise the price of the home and must sell it to you by a certain date (give yourself plenty of time to clean up the property and plenty of time for your loan to go through underwriting — generally 30 days or less) …

Additional comment — I understand that you are paying cash for the property … but if you don't buy title insurance, you take a big risk on whether that title is clean when you buy it. For example — let's say this woman was divorced previously and has judgments, etc., on title that for some reason don't surface until after you buy the home. (It has happened, trust me) … if you don't have that title insurance, then you become responsible for everything and anything on that title. If you have title insurance, it protects your interest, and the title company has to indemnify the title (they have to remove the wrong items that should have been removed when you purchased it).

I can understand it is a difficult decision. If you want to take the risk, then take it … you may want to talk to the title company and ask them if they will write the policy for you after you purchase it and after you clean it up, so you have peace of mind.

pstang@1omni.com

By: yodasminion

yodasminion — Wed, 19 Aug 2009 10:59:38 +0000

$600 for a basic policy with 3% deductible. $900 if you want to insure jewelry and artwork and have the lowest deductible.

By: EvenstarCrystal

EvenstarCrystal — Wed, 19 Aug 2009 10:15:29 +0000

Very blinking true…!1!!