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| *Loan,banking and credit>>>homeowner insurance |
Saying "no" to the homeowners insurance agent? |
I recently bought my first house and have a question about the insurance. When we first got the policy, it had a value for the home about $30,000 more than what it was worth (which is $66,000) But then we were contacted by our agent who said the original square footage (which apparently they go by instead of value) was different from what the appraisal said it was. Now they want to up the premium $187 a year and force us to pay for a policy that's value is double what the house appraises for. I don't think it makes sense to pay over $700 a year to insure a $66,000 home for a replacement value of $136,000. Can I say "no" to the insurance agent? You must have homeowners insurance if you have a mortgage, but you can shop around....Please keep in mind you really need to have what is called Total replacement on your policy. you never exspect a fire, we didn't and we lost our home in 1999 ,we had a friend who told us about the total replacement cost and we made sure we had it...we were able to rebuild and get back almost what we lost as far as the house went and it was rebuilt 100 times better. check your policy, if you don't do anything else today check that, if it's not there is worth adding it in doesn't cost that much more to have it on there. Good Luck yes, just tell them what you want I would say "buh-bye" to the insurance agent and get someone that you trust. Insurance is important... your home is important... get someone good, local, and trustworthy! You must have adequate cover per the mortgage holder. They will tell the minimum coverage you can have. You can tell them "no". You may also want to take this opportunity to look for a new insurance agent/company. Not everyone's rates are the same and you may be able to find one that's more affordable. You don't have to wait until the end of the policy term, it can be done anytime, and you get a refund for the unused portion of your premium. If you financed our house, your lender will tell you the minimum amounts you need to cover in your insurance policy. mine is almost $1,000 a year for a 125k home so quit crying. Its better to have more coverage than not enough. |
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