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Home Insurance in 19111 : Real Estate Advice

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  • Local Info2
  • Home Buying17
  • Home Selling3
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Activity 6
Fri Aug 26, 2011
Don Tepper answered:
Check with your insurance company.

However, my experience has been that a landlord's policy is less expensive than a homeowner's policy. For instance, in a landlord's policy, you're not insuring the contents. That's the responsibility of the renter.

On the other hand, I'd also suggest you look into an umbrella liability policy. It'll cover your rental property as well as other things you insure (primary residence, car, etc.) The cost probably will be $300 or so for maybe $2 million worth of coverage. It's well worth the protection. Again, check with your insurance company or agent.

Hope that helps.
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Tue Apr 27, 2010
Quang Ho answered:
Yes, you definitely need to get it before settlement. In the state of PA, there is a contingency property insurance clause that you can choose to exercise within the time frame (10 to 15 days after execution day or depends on how you choose those time frame) to obtain home owner insurance. You should get a quote from an insurance company and see whether you like the price that you pay or not. Sometimes if the property is not insurable due to existing insurance claims or pending litigation from the current owner or previous owners to the insurance company, the insurance company that you are choosing may not want to insure the property you are purchasing. At this time, you can notify the seller in writing that you don't want to or can't buy this house because you can't obtain home owner insurance for it. If you don't exercise this clause prudently within allotted time frame, you might be on the hook for it. Sometimes, if the property is in the flood zone, you need to be aware that you may have to buy flood insurance, quite expensive, in addition to the home owner insurance. Knowing what you may have to pay out, you can save yourself whole lot troubles.
I am not sure where you are in this process, but if I were you, I will get a quote from the insurance company asap and don't pay them in advance, just tell the insurance agent you will pay at time of settlement.
Best of luck to you.
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Tue Mar 23, 2010
Anna M Brocco answered:
Yes, whenever any mortgage is involved, regardless FHA or not, home owner's insurance is always needed--contact a few insurance companies, get estimates and choose the product that best suits your need. ... more
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Wed Jul 29, 2009
Bill Eckler answered:

The real cost per square foot is an elusive number that can provide you with a wide variety of information. There are a number pf factors the enter the equasion including both the amount of upgrades and quality of upgrades, landscaping and its extent, etc.

This number can cover a very wide range and would probably be best addressed with your specific criteria in mind.

Good luck
The Eckler Team
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Wed Nov 2, 2011
Sean Dawes answered:
If you are looking for what a unit in Creekview crossing should go for let me know. I know that site well.
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