Friday, 14 November 2008

Home insurance

I'm sorry that I've been so lost, but I've been working so much that right now, 10:48pm I'm at the office with prospects of returning home tomorrow morning!! ;)

My next post was going to be about home insurance, but today I was talking with my friend Hernan and we were just talking about it, so I thought it would be a nice idea to make this post just with the conversation we had, I hope you enjoy it!

The home insurance, I'm confused, I have insurance for all my belongings, now, the home insurance is that? or is something else that covers fires or whatever

I was just thinking about doing my next post about it. My home insurance covers up to 250.000 if I recall correctly, plus the belongings and liability. So it would be water damage, fire damage, someone stealing your things or something happening to a neighbor or someone else because of you. For example, someone falling on the sidewalk of your house because you didn't clean it, or a fire that started at your house damages the neighbor's house.

But, if I already have insurance for my belongings, do I already have home insurance?

no necessarily

I have my insurance for my belongings where I am right now, so I just have to change the address once I move and that's it, but now I understand that I have to get a new insurance for my new home?

yes, but ask your lawyer about it, because in our case they told us that they wouldn't give the keys for the house until we had a home insurance.

So, you already have a home insurance?

We are going to have the mortgage insurance, the home insurance, and the life insurance for the amount of the mortgage.

You get the home insurance a week before the closing date, but we already talked to our insurance agent and she already gave us a quote and the lawyer is going to talk to her from now on.

ok, I'll also have the mortgage insurance and the life insurance with the mortgage amount, so now I have to make sure about the home insurance.
and do you have to get a special insurance for that home insurance or it can be any insurance company?

Yes, any insurance company
We have the home insurance and the life insurance with the same people since they have special packages.

How much are you going to pay for the home insurance? I'm paying $60 for the life insurance and $125 for the mortgage insurance

The mortgage insurance is charged with the mortgage and is aprox. $1600, so I don't know how much is just the mortgage insurance. The life insurance is going to be between $40 and $20, depending on the medical tests... The home insurance is right now $75 and once I get car insurance with them, the home insurance will be aroung $54

so, then the home insurance will include everything, the house and the belongings?

Yeap... until certain amount of course
5000 in computers, 5000 in jewelry, and I don't know how much for everything else.

and what did you have to do to get the home insurance? did they do an inspection or your word was enough?

half my word and half the house listing that the realtor gives the insurance company, or the lawyer.

does the listing has everything about the house?
construction year, etc, etc?

Construction year was my word (which the inspector gave me)... the listing is the one you saw on the Internet which it says how many bedrooms and bathrooms the house has.

So now you know it, when buying a house, don't forget the home insurance ;)


Zhu said...

My my, you are working too hard!

I'd say that when it comes to insurance, taking the time to choose and reading the fine print is a must.

Aiglee said...

For sure!! I did a lot of research before deciding for State Farm, but you are def. right!

alex said...

Actually, policies related to house insurance provides coverage to your residential property for any damage, liability, legal responsibility etc. But, such policy doesn’t include certain things…for example, floods, earthquakes, poor maintenance stc. Usually, any market standard policy for home insurance would cover your Home’s structure, things that belong to you, liability etc. Sometimes, some extra or added living expenditure are also covered.

Aiglee said...

Thank you Alex :)