Ushamir, Home Buyer in New York, NY

when i buy a house and take out a mortgage what is the minimum amount of hoemowners insurance i need to get/?

Asked by Ushamir, New York, NY Fri Jun 10, 2011

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Alen Moshkov…, Agent, New York, NY
Tue Jun 14, 2011
Hi Ushamir,

Are you talking about an actual house or an apartment? In apartments they quote usually by bedroom count, and a one bedroom apartment would be way under $200 a year. House would obviously be more, but shouldn't be by much. I have someone who does my insurance at AllState if you like the contact #.

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First Last, , 90002
Sat Jun 11, 2011
The insurance agent will tell you. Prior to closing you will present proof that you have arranged for an insurance policy to take effect the instant title transfers to you. The bank will OK that arrangement or there will be no closing.

Insurance premiums can vary a lot, you will save money if you shop around. You might also consider calling an insurance agency that is a brokerage, meaning they work with multiple companies, instead of just going to a storefront that represents only one company--that's what I do personally. If you can afford a deductible higher than $1000 (such as $2500) that will dramatically lower your yearly insurance expenses.

Karla Harby VP
Lic Real Estate Salesperson
Charles Rutenberg LLC
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Anna M Brocco, Agent, Williston Park, NY
Fri Jun 10, 2011
Much will depend on your personal needs, type of structure, etc., therefore contact any local insurance companies and ask for free estimates based on those needs; then choose the protect that suits you best...
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