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Homeowners Insurance!


rboyer

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So today I got to learn about homeowners insurance! I just recently bought a huge house and was given to the beginning of February to have it insured. I decided to go through this one company and they kept beating around the bush and saying that they could get me an unoccupied policy for 6 months at $400 since i'm in the middle of remodeling. Well the lady calls me and tells me that she ran the quote and because of the square footage it's too big and would cost me $1200 for 6 months. Well I paid 30,000 for the place and the previous owner had an assessment done before he started remodeling it so the value on paper is actually only 30,000. But because the place is 4,086 sq ft they were going crazy! I spent all day today trying to get quotes and every company seems to be picky about one single thing and nothing else. One place was going nuts about the age of the place because the county never kept records of it. Another place refused to cover me because I have a coal furnace even though I told the guy that I have an oil furnace ready to go in if need be. It figures that in the end I find an insurance agent two blocks up the street from the house that covered the place for 100,000 with a one year policy for only $379. I never would have thought that finding homeowners insurance would be so hard.
 


BlackBII

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How did you get a 4000 sq ft house for 30,000?
 

Jspafford

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My policy is $349 a year.
 

97ranger4x4

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just imagine you could turn half that into a shop, and still have a good size house!
 

rboyer

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How did you get a 4000 sq ft house for 30,000?
It was a bank foreclosure that rolled through an investment company and into my hands. From what i've gathered from the neighbors and county assessment office the previous owner got a little loan-happy and then went into some hard times and lost the house for an insane small amount of money. For all I know the investment company could have only paid like 5000 plus a year of back taxes to buy the place and the rest was profit to them. When I found out the price I jumped on it without even taking a really thorough look at the place, it was kind of funny because I was discovering rooms, closets, and even another bathroom that I didn't know about.
 

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