What home insurance specifics apply to Foley area, hurricane, flood, etc.?

Asked by jeborden1, Foley, AL Fri Mar 8, 2013

For homes in Foley, Al., what types of home insurance extras are required to live in this area?

This question was asked from this property: http://www.trulia.com/property/3091409654-1711-Abbey-Loop-Fo…

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Rodney Mason’s answer
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Mar 11, 2013
You would really need to contact an Insurance Agent to obtain a quote. The ultimate cost of the policy will depend on the specific home that you purchase. Location and the age of the home/roof play large roles in the annual premium.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Mary McNair, Agent, Fairhope, AL
Sat Mar 9, 2013
What insurance is required is ultimately determined by how you buy your home.

If you pay cash, you get to decide which coverage you think is worth paying for and which risks you feel you can absorb if something happens (e.g., liability to cover a visitor who has an accident on your property).

However, if you are financing your home, the mortgage company is going to tell you what they require you to carry in order to protect their investment in the home.

Which applies to you?

If the latter, you need to get multiple quotes. When doing so, ask for priced based on full replacement costs versus functional replacement. (My husband and I learned the hard way about
"fuctional" replacement when needing to replace roofing that had been cedar shakes, but we got paid on the basis of asphalt shingles because it was functional. We had to make up the difference to put the type of roofing we wanted so we didn't have multiple types on our roof.)
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