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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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A few questions about homeowners insurance
1. Can you recommend different companies? I know its really hard to get a policy right now
2. is it easier to just go with a broker? and how much do they usually charge
3. What type of plan should I get. I know nothing about this
Thank you all for your help
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Posted 9/16/09 9:44 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Re: A few questions about homeowners insurance
1. Can you recommend different companies? I know its really hard to get a policy right now
Depending on where you live will depend on how hard it is to get a policy. If you are in a flood zone (according to the new maps) it might be harder to get a policy, but you will still be able to.
2. is it easier to just go with a broker? and how much do they usually charge
Honestly, get quotes from both directly and through a broker. Different brokers will charge different fees, but brokers usually have some companies that don't offer direct to consumers, and they have access to "non-admitted" companies as well (more on that in a second 
3. What type of plan should I get. I know nothing about this
A homeowners policy is pretty much a homeowners policy. Your policy will be based on the square footage of your house, different amenities your house has (how many bathrooms/bedrooms, central air, finished basement, attached/detached garage etc) and any risks / credits that you have (risks = some breeds of dogs, pool, trampoline. Credits = central alarm, smoke detectors, non-smoking household) Most homeowners policies have a 5% hurricane/wind deductible (category 2 or more) there is one company that I know of that has a 2% Cat. 2 or higher and a non-admitted carrier that has no category limit (but has a 5% deductible) Price can also vary depending on how much liability coverage you have (100K, 300K 500K)
Now....as for the whole non-admitted carrier....
An Admitted carrier just means that they are subject to the laws and regulation of the state they are admitted in. It also means that if there is a problem with a claim, the state will step in and make good on those claims and any monies owed. A Non-admitted carrier means exactly the opposite - they are a legal company, but the state will not step in if there is a problem with a claim. Basically you are on your own to deal with the company in court if there is ever a problem.
Just because a carrier is admitted or non-admitted doesn't necessarily mean that one is better then the other.
PHEW  Did that help, or just make you more confused !! I hope it helped !! 
***Just to clarify - I know this information because of the nature of my job - not soliciting, just want to make the OP aware that I am not making this up !! ***
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| Posted 9/16/09 11:29 PM |
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Finally1108
My two boys
Member since 12/08 3541 total posts
Name:
Angela
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Re: A few questions about homeowners insurance
Very well said ny55angel!!!
I am a broker and could not have said it better!
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| Posted 9/17/09 9:52 AM |
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ny55angel
car seat tech & geek :-)
Member since 2/06 4346 total posts
Name:
P
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Re: A few questions about homeowners insurance
Thank you !! (I work in a broker's office !! ) My boss would be happy to know I pay attention !! 
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| Posted 9/17/09 12:25 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: A few questions about homeowners insurance
thanks for all that info as well!!! I had no idea about any of this and this will a step we need to take soon!! thanks
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| Posted 9/17/09 12:38 PM |
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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Re: A few questions about homeowners insurance
Get quotes from both - everyone AND try to compare apples to apples. for insurance we had to get at a level the mortgage company wanted us to - usually I think they want around the principal of loan.
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| Posted 9/17/09 9:11 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: A few questions about homeowners insurance
The loan amount doesn't matter at all. The mortgage co just expects you to insure for at least your loan amount. It depends on the replacement cost os the house. Most companies charge about $250 per square foot, although you may find some out there that will do it for less. You always want replacement cost on your dwelling & contents, water backup, and id fraud. I insure my house for 100% and then my company gives an extra 25% on top of that. That is the safest way to insure. Some companies will insure you for 80% then give you an extra 20% on top which brings you to 100%, I would demand that you insure at the 100% if thats the case, better safe then sorry, the difference in premium does not suffice a total loss.
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| Posted 9/18/09 8:47 AM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: A few questions about homeowners insurance
we had to go through a broker b/c our heating system is so old to find a company that would insure us.
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| Posted 9/18/09 11:43 AM |
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