homeowners insurance

What happens if there is gap of time between two insurance policies in a home with a mortgage loan?

Question by syrdell: What happens if there is gap of time between two insurance policies in a home with a mortgage loan?
I had an oversight with the payment of my homeowners insurance and by the time I realized my insurance was unpaid, 45 days had elapsed. I am in the process of fixing the problem, but, will the lender force me to buy their “force placed insurance” if I can not get coverage for the past uninsured lapse of time? Before I call the lender to ask I want to be informed.

Best answer:

Answer by onthefasttrack
no you have like 90 days in most cases but you go to long and you will be forced to take there insurance and it will be for a year then you can get others and that ins they get you is expensive !!!! Just get insurance on it now before they catch you ! Plus they will put that insurance into the house payment and you might loose your house if you cant pay it!

Give your answer to this question below!

What happens if there is gap of time between two insurance policies in a home with a mortgage loan?

Question by syrdell: What happens if there is gap of time between two insurance policies in a home with a mortgage loan?
I had an oversight with the payment of my homeowners insurance and by the time I realized my insurance was unpaid, 45 days had elapsed. I am in the process of fixing the problem, but, will the lender force me to buy their “force placed insurance” if I can not get coverage for the past uninsured lapse of time? Before I call the lender to ask I want to be informed.

Best answer:

Answer by onthefasttrack
no you have like 90 days in most cases but you go to long and you will be forced to take there insurance and it will be for a year then you can get others and that ins they get you is expensive !!!! Just get insurance on it now before they catch you ! Plus they will put that insurance into the house payment and you might loose your house if you cant pay it!

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What happens if there is gap of time between two insurance policies in a home with a mortgage loan?

Question by syrdell: What happens if there is gap of time between two insurance policies in a home with a mortgage loan?
I had an oversight with the payment of my homeowners insurance and by the time I realized my insurance was unpaid, 45 days had elapsed. I am in the process of fixing the problem, but, will the lender force me to buy their “force placed insurance” if I can not get coverage for the past uninsured lapse of time? Before I call the lender to ask I want to be informed.

Best answer:

Answer by onthefasttrack
no you have like 90 days in most cases but you go to long and you will be forced to take there insurance and it will be for a year then you can get others and that ins they get you is expensive !!!! Just get insurance on it now before they catch you ! Plus they will put that insurance into the house payment and you might loose your house if you cant pay it!

Give your answer to this question below!

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Homeowner Insurance Companies

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How do I use a “how much home can I afford?” calculator?

Question by ralph w: How do I use a “how much home can I afford?” calculator?
I’ve been playing with online house affordability calculators like this one:

http://finance.yahoo.com/calculator/real-estate/hom01

Why do these calculators ask you to enter “Estimated annual property taxes” and “Estimated annual homeowner’s insurance?”

Isn’t your annual property tax going to be BASED ON how much home I can afford? How am I supposed to know the amount of the taxes when I don’t know the value of the property? Isn’t this putting the cart before the horse? This would make a little more sense to me if they asked for a percentage.

Ditto, for the insurance. Isn’t insurance also based upon the value to be insured?

I’m probably misunderstanding these terms, but these calculators usually have really lousy instructions.

Thanks!

Best answer:

Answer by glenn
It is a kind of catch 22, you are right.

But in my area the property taxes are going to be about 2.8% or the purchase price per year. In an area just 20 miles away it might be 2.0% or 3.5%. The city, school and county all sit their own rates. I don’t know how your area is. The insurance depends not only on how valuable the house is but how good your credit is and how large a deductible you can stand and a whole host of other variables.

I think these sites are trying their best to warn you that these costs might make up a quarter of your house payment or even more and you need to think about them when you are looking at houses.

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Is hail damage covered on my homeowners insurance?

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