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Home Insurance in Philadelphia County : Real Estate Advice

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  • Local Info20
  • Home Buying90
  • Home Selling12
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Activity 12
Sat Nov 19, 2016
Thomas Martin answered:
As long as the insurance covers 100% replacement cost of the home you can change insurance. We always do a blast to about 10 of the lowest and best insurance agents if Florida to ensure our clients are getting the most competitive insurance rates before they bind. We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min Fico 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
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Fri May 20, 2016
Paul answered:
I find using InBedrock.com helps me to navigate all the financial costs of purchasing a home. It is very educational, informative and easy to use.
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Mon Mar 31, 2014
Hilary Lefkowitz-Karaman answered:
Hi Malita,

A lot of insurers and underwriters do not want or understand how to insure flat roofs. This has been a common problem I have run into over and over again. I know clients have found reasonable rates with both State Farm and Travelers.

Hope that helps!

Hilary

Hilary Lefkowitz Karaman
REALTOR
Investment Specialist
Director's Club

Weichert, Realtors
93 Old York Road, Ste 6
Jenkintown, Pa 19046
215-885-8100 (office)
215-919-7497 (mobile)
215-885-3834 (fax)
hilaryle@gmail.com
RE License: RS318196
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Sun Mar 30, 2014
Sean Mooney answered:
Phong -
It is very common for insurance companies to require roof certifications for flat roof homes in this area. They are looking to identify 2 major things- the type of roof and the age of the roof. Some insurance carriers will extend or exclude coverage based on the type of roof covering. The life expectancy for a hot tar roof is only about 5 years or so and the insurance company doesn't want to extend coverage for a roof that wasn't properly maintained. The other types like a rubberized bitumen or a silvercoat covering can last sometimes last over 20 years which decreases the likelihood of a claim occurring. And if a reputable roofer installed the roof it will normally come with a warranty that could could last the life of the roof. ... more
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Wed Nov 2, 2011
Joseph Sanfratello answered:
Price per square footage from what I have seen in Philadelphia varies .....but if your looking for Home Insurance we have some of the best rates around.
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Fri Aug 26, 2011
Lauryn Eadie answered:
Yvette,

thank you for posing this question, because I have not been asked this before. I would have guessed exactly what Alexander pointed out. However it is interesting to see that in other states it differs.

SOMETHING TO NOT MISS! If you do in fact decide to rent out the home YOU MUST notify your mortgage holder that it is now an investment property. This could change the terms of your loan and your interest rate. But if you do not notify them and there is a problem, it could be bad news!

Also, you should always speak with your tax accountant about the implications on taking on an investment property. Depending on if this would be a gain or a loss yearly etc. The tax implications as well as a change in your mortgage terms could change your mind about renting, or strengthen the idea.

Cover all your bases to make sure you are making the best financially sound decision for you.

The other thing that most home owners do not consider when they are thinking about renting a once principal residense: You never know who you r renter is going to turn out to be. You could get a great tenant that takes impecable care of your home, or you could have someone that doesn't pay their utilities and turns into a squater. Ask yourself if you are in a finacial position to cover the costs of repairs if the worst happens.
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Tue Apr 27, 2010
Ken Carlson answered:
Not only should you have home owners insurance when you go to close, it is a good idea to obtain a specific quote when you have an accepted offer. That could reveal previous claims that may effect your decision to accept or waive the inspection contingency. ... more
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Wed Mar 24, 2010
Gerard Dunn answered:
Yes, you will need to have insurance in order to settle.

All lenders - FHA, VA and Conventional will require insurance with them as the loss payee.

You will need a receipt an declaration page to prove insurance to your lender before they will release papers.

Good Luck!

http://www.trulia.com/voices/Home_Insurance/First_time_buyer…
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Tue Mar 23, 2010
Jeanne Feenick answered:
Yes, you will need home insurance prior to closing in order for final approval of your mortgage from underwriting. Good luck!

Jeanne Feenick
Unwavering Commitment to Service
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Wed Jul 29, 2009
Kathy Brennan answered:
Here in California we use $150 sq ft basic track house and $250 and up for more custom homes. Hope this helps even though it is a ca calculation. I have been an insurance agent for over ten years. ... more
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