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Home Insurance in Las Vegas : Real Estate Advice

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  • Home Buying1K
  • Home Selling171
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Activity 7
Sat Dec 17, 2016
nuguid.francis asked:
We just bought a house for cash, and my insurance dont want to cover our house until all the repairs are was built 1953, it needs some little repair like the cracks in floor and…
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Thu Dec 12, 2013
homeownerhorizons answered:
Although the chances of being challenged on a title are very low, the answer to your question is yes and yes. Yes, if the lending institution you are taking a mortgage from requires it, then absolutely, but they may only require lenders coverage, which means YOU are not covered in case anyone pops up 10 years later and screams the property you just lived in for the last ten years is theirs! There are two portions of title insurance (at least in NYS), they are lender and owner coverage. Owner coverage is less expensive and if you can swing it might as well pay the extra dollar for your coverage.

The other reason is even if you are buying all cash you still want to get title insurance, but not because that someone could come along later and say the property is mine and not yours, rather when you buy the insurance, the lawyers work SUPER hard to make sure there is not the slightest defect in the chain of title, because it is THEIR obligation to defend you for free if anyone pops up later. If you do not buy title insurance the attorney would typically issue an opinion of title and best of luck if he dug deeply into the title to make sure you can sell it later with a clean title. Kind of like a $500,000 cellphone with a bad ESN. Worth the 1k, wouldn't you agree?
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Tue Nov 12, 2013
Donald Stevens answered:
Your insurance can drop you if there is a 30 day vacancy clause in your contract. There is a clause in your policy that addresses the issue and it may be more or less than 30 days but 30 days is the most normal time frame. If you tell your insurance company of your intentions to be gone for 37 days instead of 30, they may be willing to give you a temporary extension. The bank will not take your home if its empty but they could put insurance on your home if your policy lapses. That insurance is very expensive and doesnt offer hardly any coverage at all except the coverage the bank needs to protect the loan. No personal property, no liability. Give your company a call and get something in writing. Good luck. ... more
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Tue Apr 9, 2013
Phil Scheinman answered:

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
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Wed Mar 14, 2012
Jeff Wallenfang answered:
Hi Noam!

These are two very different things. Homeowners insurance covers your home for theft, fire, and other "disasters." If you have a mortgage, your lender will require you to have it. Frankly, unless you can afford to replace your home and everything in it, you need it! You can generally purchase additional coverage for floods and earthquakes -- both are usually excluded from standard policies.

A home warranty, on the other hand, covers when everyday things break: the air conditioner stops working; the hot water heater starts to leak; the stove dies. Check your policy, because some policies cover more than others. For a small co-pay, the home warranty company will send a trained technician to your home to fix it. You don't *have to* have one, but I recommend one for all my clients (sellers coverage is available too). They usually pay for themselves in the first couple months you own the home!
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Wed Mar 7, 2012
Julia St. Marie, ABR, RRG answered:
Hello Spiritair 19....

Knipp Contracting, LLC
NIV LIC #0074481

If you need anything else, please let me know.
Thanks and have a great day!
Julia St. Marie at Realty ONE Group :)
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Thu Oct 8, 2009
Tom Clemmer answered:

Going by the Marshall & Swift Building Cost Service the range is from $36 to $129 depending on the size and quality of the construction.

The average 2300 sqft home with land already purchased is about $56 with top of the line upgrades throughout the home and about $98 dollars a square foot if you want to include an average lot.

These averages are from the top three communites accross the valley.

So... to sum up... 2300 sqft home is about 200K-250K depending on the options.

Thus, $150 will cover the replacement cost as there are building permit fees and demo and removal of the old prop. So, they are in line --- if you are using the top end of the scale and factoring in the standard 5-10 year value adjustments.

But, if you think prices will start to take off again...look at also getting gap insurance to cover rising costs in the future. $150 now may be $250 10 years from now.
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