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Home Insurance in Los Angeles : Real Estate Advice

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  • Home Buying1K
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Activity 15
Mon Nov 14, 2016
Arpad Racz answered:
Hi,
There are several considerations on where or IF to buy a home after selling one. It depends on if you wish to stay in the area, and if yes, for how long.

All the best,

Arpad
0 votes 1 answer Share Flag
Sun Oct 18, 2015
Kola70 answered:
Annual premium is between $300 to $ 150 for renter insurance.
0 votes 11 answers Share Flag
Sun Oct 18, 2015
Kola70 answered:
0 votes 21 answers Share Flag
Wed Jun 4, 2014
Brad Korb answered:
Hi Kevin ,

Happy Wednesday Again !

You should always have an owners policy to protect you in case some one slips & fell inside the unit or in case the building burned down you would have coverage for kitchen cabinets ,etc. most policies don't cover a lot of extra upgrades in your unit ,you can check the master H.O.A. policy,if you buy for cash it would not be required to have a policy to close escrow ,but a lender would require it,good luck ! ... more
0 votes 2 answers Share Flag
Wed Jun 4, 2014
Brad Korb answered:
Hi Kevin,

Happy Wednesday !

It would be hard to force a tenant to get insurance after the fact ,you can always get some information on a tenant policy from your insurance company showing the benefit of having an insurance policy on tier belonging ,i think the policy is only $150.00-$180,00 a year,good luck ! ... more
1 vote 4 answers Share Flag
Wed Jun 26, 2013
Renee Tinsley answered:
Typically, when a homeowner has too many claims, brokers will not insure you. However, there are alternatives. As long as you have been turned away by two or more insurance companies, you can obtain a policy through The Fair Plan. Below is the link for the state of California. Good luck!

http://www.cfpnet.com/
... more
0 votes 6 answers Share Flag
Fri Apr 19, 2013
Kawain Payne answered:
Try MERCURY

I left Farmers for them years ago!

Best of Luck to You!

KAwain Payne, REaltor
0 votes 5 answers Share Flag
Wed Mar 27, 2013
ash1newyork answered:
Try Capital Insurance At 718-626-6111...i got insurance through them...
0 votes 6 answers Share Flag
Tue Mar 19, 2013
Dorene Slavitz answered:
Dear Labuyer,
Rates for Homeowners insurance fluctuate depending upon the home and location. Many of my buyers go with the same company that insures their cars and get a package rate for both. You will have to shop around to find out the best rates for the coverage offered. ... more
0 votes 14 answers Share Flag
Fri Dec 7, 2012
Kawain Payne answered:
Check with your current homeowners insurance agent/ auto insurance agent. They may give you a break if you bundle policies.


MAKE SURE AND ASK WHAT YOUR DEDUCTIBLE WILL BE! SOME EARTHQUAKE POLICIES HAVE A DECUCTIBLE OF 30% OR MORE OF THE PROPERTY.

Kawain Payne, Realtor
... more
0 votes 7 answers Share Flag
Mon Oct 29, 2012
wael mohammad answered:
From a insurance perspective and if you have two different addresses according to the la county records, you may be required by your lender to have two different polices for each unit. Also, remember that if you don't have a association then you may be the one responsible for the outside walls and the whole property itself. If that's the case you might want to get a habitational policy that covers both the property with the structure on it and also whatever personal property you may have. Most HOA's cover the dwelling up to the 4 walls, from the 4 walls in, it becomes your responsibility to insure your building property such as carpet, walls, plumbing, bathrooms, kitchen, Kitchen counter, cabinets, appliance and what not. Usually it's going to cost about 45.00 a sqft to replace the condo inside the 4 walls. From what it seems to me, you maybe responsible for both the inside and outside since you don't have a HOA. HOA'S usually get their own master policy to cover structures and outside property liability only. If you are still in need of more info, you can call my office at 323-546-3030 or go to www.casurance.com to request a quote. ... more
0 votes 4 answers Share Flag
Tue Jun 5, 2012
Deborah Garvin answered:
Jessica,

As a lender, I typically use a factor of .35 X loan amount for estimating insurance premium. This has always been common practice in the mortgage industry; however, I can no longer rely heavily on this estimate. At times, the sales price, or appraised value is much, much less that the cost of replacement, In that case, there is a good chance the lender will require increased coverage. There is a lot of variance in coverages and premiums, I would get estimates from at least three agents/companies. Of course, if you are active or inactive military...I have never seen better premiums or service that USAA. The company is golden for every client I have ever had who worked with them. ... more
0 votes 10 answers Share Flag
Thu May 24, 2012
Donald Stevens answered:
It is illegal in California for a bank to demand a certain amount of insurance coverage to cover the loan. Insurance is designed to make you whole, not pay off your loan. An insurance policy will repair/replace your home if you experience a loss. The policy will fix your home, not pay off your loan.

With that being said, many banks still try to make demands on how much insurance you can have. They only time they have a valid point is when your insurance limit isn't high enough to make you whole. They need the home to be insured at an amount that will rebuild the home should it burn down to the ground. They don't want home owners to walk away from a loan because there is not enough insurance to rebuild the home and now the bank is left trying to sell a pile of ashes on a lot.

Lastly an HO-6 policy doesn't insure the building. Your insurance is for the everything inside the walls(sometimes that includes the actual wall on the inside) . How much coverage you need depends on the condo association's master policy and what they cover. Call the association and ask them what the master policy doesn't cover and then you will know where to start. A good agent is always a good source for insurance information. Find an agent that you trust and knows how the insurance policy works.
... more
0 votes 4 answers Share Flag
Thu May 24, 2012
Donald Stevens answered:
We have insurance for bank owned and REO properties. We also offer forced place insurance policies for banks. We specialize in property insurance.
0 votes 6 answers Share Flag
Wed Feb 1, 2012
Mimi Davies answered:
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