by Elsewhere 22 Replies latest jw friends
On my "Good Faith" estimate that the mortgage company gave me several months ago they put $100 per month. I have been calling around and I'm hearing things like $3250 a year ($271 a month).
Did the mortgage company twist the numbers to help reel me in?
Depends on the insurance carrier. We've got a great rate because we've kept the same agent for 20 years. Also factor in the fact that here in Texas, there have been so many black mold claims that some carriers no longer offer mortgage insurance. Don't be surprised if your policy no longer covers mold of any kind. If you don't have any now, you may want to start calling around as I've heard it can be difficult to get.
The Met agent I spoke with asked if I wanted mold coverage and I declined. I know that is a major expense in the insurance industry so I declined in order to get the extra savings.
I'm not a very allergic person and my house is made to be more resistant to mold than most... so I'm hoping that mold will not be a problem.
It shouldn't. The only time you would have a problem with mold is if you have a leak that goes unnoticed and mold grows from that. But with a new house, I think you made the right call. Usually black mold is seen more often in the older homes, especially if there is little direct sunlight.
That will teach you for buying Beth Sarim so that you can live like a Prince...ya bastard!
Sounds pretty steep Elsewhere, that sounds more like annual property tax than insurance.
Where I live a 300K home would cost about $2500 a year in taxes and around $500 to $800 for insurance depending on coverage.
Of course not everyone likes to live in an Igloo!
We have a fairly new home and it costs us $240 A YEAR house worth about $170,000 (American Family). Don't confuse this with taxes which we pay abour $3000/yr.
Our homeowners insurance costs about $260 a year (home value approx $145k). It is paid automatically (like property taxes) by our mortgage company out of the escrow account.
Our homeowners policy is less than $700 per year, including the riders for business liability and increased coverage for our computers & software. If someone quoted a $3000 annual premium for me, I'd be shopping around.
Actually I was way off. I checked the policy and ours is $414 per year.
Daannnngggg!!!!!
Where are you Texans buying insurance from. A yearly policy from SF is currently costing me $1300 a year without any mold or flood on a house that appraises for $90K, though I did have a claim three years ago. The house is slightly older but otherwise in fairly decent shape.
I'll definitely be looking for cheaper coverage once it comes time to renew.
