Home Insurance in 08087>Question Details

Jimmy, Home Buyer in Tuckerton, NJ

Is it possible to order from the same HOI/Flood insurance company as the previous owner?

Asked by Jimmy, Tuckerton, NJ Thu Nov 11, 2010

I'm nearing close of the home I am purchasing. I've been pricing around for HOI and Flood ins and have gotten around the same prices. The owner does not have an elevation certificate which might've lowered the premium but I do have a copy of the owners ins policy which is cheaper than any of the prices I received. Wouldnt I just be able to call them up and say that the home i'm purchasing is/was under their ins and give them the info and get the same price, if not close?

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Ellen Dandrow’s answer
Hi Jimmy. Congratulations! Purchasing a home in Little Egg Harbor that requires flood insurance, you surely do need an elevation certificate. It should be on the survey, which you or your attorney must have ordered. Check with the surveyor to see if they included it, if not call them back and say you need it. They have all this information at hand, and that informarion determines the price of your flood insurance.

You can call the prior homeowners Flood Insurance Co, thats not a problem, but check out a few other local companies as well to do a comparison. Good luck!
0 votes Thank Flag Link Mon Dec 13, 2010
Hi Jimmy, there's no harm in calling the same insurance company, but that doesn't mean that you will get the same rate as the current owner. Flood insurance is standard, and that rate should not change, since it is through the Federal Government. The homeowners depends upon some different factors, for instance, now the insurance company can run a credit check on you to determine if they will insure you or not. There are several other factors, and I do not sell insurance, and would suggest that you speak to a qualified insurance person. As you stated, the flood elevation certificate will definitely help with the flood insurance premium. Good luck!
0 votes Thank Flag Link Thu Nov 11, 2010
There is nothing to say you can't try to get insurance from the current owners insurance company. However, you might not be able to get the same rate. Insurance rates are based on a number of items including how long you have been insured by them, whether or not you have multi-policies (home and car, for instance) and even your credit score.
Shop around and check in with an insurance rep who represents a bunch of different insurance companies for the best prices. Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Nov 15, 2010
I always suggest to shop around for the rate. If you need additional information do not hesitate to contact me.
0 votes Thank Flag Link Thu Nov 11, 2010
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