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Home Insurance in New Jersey : Real Estate Advice

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  • Home Buying1K
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Activity 38
Wed Jun 14, 2017
Marilyn Holda-Fleck answered:
Here in NJ, one place to start is with the Management Company. Some Management Companies have a website where you can download the documents you need (often for a charge). If they don't have a website, give them a call -- you may need to request a paper version of the document (again, a fee may apply). ... more
0 votes 10 answers Share Flag
Wed Feb 6, 2013
Donald Stevens answered:
Loss assessment is a seperate coverage on your policy and the deductible more than likely will apply. Sorry.
0 votes 2 answers Share Flag
Fri Feb 8, 2013
Emil Veltre answered:
Hi Parker,

I believe there can be several answers to your question depending on your purpose for asking. If it is for business use and tax purposes you should definitely consult your CPA, however, you usually can take a square footage percentage of annual expenses. If you are looking to sell it outright you would need to consult an attorney as you would most likely need a separate deed for the garage to complete the transaction. If, as it appears, your question is with regards to Home Insurance I would consult your Insurance Agent. Last, but not least, you can compare what comparable homes in your area have sold for with and without garages to come up with an estimated value.

I know this does not answer your question directly, however, there are many scenarios with each having their own corresponding answer.

With that said, I hope this helps. If I can be of service to you or anyone you know with regards to a Real Estate-related assistance please contact me at 973.868.4034 or emilveltre@aol.com
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0 votes 2 answers Share Flag
Mon Sep 24, 2012
Andrew Tisellano answered:
It will increase the resale value.
As for insurance I would think it should not make a difference but check with your insurance company. different companies may have different ways of deciding the cost of insurance. ... more
0 votes 2 answers Share Flag
Fri Sep 14, 2012
Franklin Marquez answered:
it depends on many factors but it's around 800$. but if you have a pool may be more!
0 votes 3 answers Share Flag
Thu Jul 12, 2012
Donald Stevens answered:
The territory is a company specific location. You do have a protection class based on how far the fire department and fire hydrant are from your home. Many companies will use that number (1-10), add some additional internal factors and come up with a territory. If you want to know your protection class you can call your local fire department and they can tell you. 1-8 is considered protected or near a fire department and fire hydrant, 9 is semi-protected, and 10 is no protection. 1 is obviously the best.


Donald Stevens
http://www.mylandlordinsurance.com
... more
0 votes 1 answer Share Flag
Tue Jun 12, 2012
BHGRE PorchLightNJ answered:
elizabethtown gas... www.elizabethtowngas.com/
0 votes 1 answer Share Flag
Fri Jun 1, 2012
Donald Stevens answered:
For insurance to cover the damage it would have to be caused by a covered peril. IE., water, fire, wind, etc. Insurance companies will list what perils are covered and/or excluded. If the damage was prexisting and caused by a covered peril it may be possible to file a claim on the previous homeowners policy if it can be proved it happened while the previous owners policy was insuring the house. Any claim is a legal issue and if you are not sure there are attorneys who will willingly explore your options. ... more
0 votes 2 answers Share Flag
Tue Oct 15, 2013
Laura Giannotta answered:
Call IKM Insurance. They're located on Long Beach Island, but cover all the Jersey shore towns. Speak to Cathy at (609) 494-9200
0 votes 7 answers Share Flag
Thu May 24, 2012
Suzanne MacDowell answered:
That depends. If the mortgage is an FHA mortgage and is for more than 80% of the value of the home, then the lender will likely require YOU to purchase PMI, Private Mortgage Insurance. In an FHA backed loan, the government will cover 80% of the loan if you should default and stop paying the mortgage. PMI will cover the other 20%.

People used to buy mortgage insurance, a type of life insurance, that would pay off the mortgage in the event that the owner, or, in the case of a married couple, one of the owners, passed away, but that is not done any longer. I would recommend homeowners have enough life insurance to ensure their families can continue to pay the mortgage, or to pay off the mortgage, in case of their passing but, again, the insurance is paid by the homeowner, not the bank.

So, I guess the simple answer to your question is no, LENDERS don't buy insurance on mortgages, but they DO require OWNERS to.
... more
0 votes 2 answers Share Flag
Tue May 8, 2012
Tim Moore answered:
The mortgage company only gets money if they service the loan, that means if they do the paperwork and send out the bills. If they don't service the loan then they don't ever get any money when you make a payment, the owner of the loan does and whomever is servicing it does. ... more
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Fri May 4, 2012
Wayne Odenbrett answered:
Being that you do not own the land, the Mobile Home Park wants to make sure their land is not poluted in any way. It probbly also helps their insurance rate. So I can't blame them. You can probably get this insurance through your oil provider. It is an above ground tank, so it is probably a very reasonable cost. ... more
0 votes 1 answer Share Flag
Tue Apr 10, 2012
Brian Rayl answered:
Your question is a bit confusing, but I'll see if I can help:

There are 2 scanarios that I can think of here: 1 is you are buying a condo in a complex and 2 is that you own a condo in a complex and you are not buying/selling. Either way, the answers are pretty much the same.

Your "homeowners" insurance when living in a condo does NOT cover the building itself. It is more like a renters insurance, where it covers all of the belongings inside of the residence as well as liability in case something you do affects the other condo owners in the complex.

The Condo also maintains an insurance policy. This policy covers the structure of the condo.

If the condo were to burn down, the condo insurance would pay to rebuild the building, and your homeowners insurance would pay to replace all of your belongings.

Your bank may be requesting this for several reasons: 1) they are doing an audit of their files and either found something that they didn't like or they lost that document all together. 2) the building insurance expired and they are requesting an updated copy 3) they never asked for this document to begin with and now they are updating their system or trying to sell your loan to another servicer and need this document in order to sell.

Surely you can understand why it would be important for the bank to know that the building was insured. It is a requirement of the bank for your structure to be insured, and surely it is a requirement under the DCC&Rs and covenants that the HOA/Condo Association maintain this insurance at all times.

Make a copy of the request the bank sent you and forward that copy on to your treasurer or who ever is the contact person for your association and they should take care of it for you.

Hope this helped and good luck!
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0 votes 5 answers Share Flag
Tue Jan 31, 2012
Jennifer Blanchard answered:
Good luck! LOL - your best bet is to call a broker who has access to many agencies. It's been my recent experience that most insurance companies will cover property with USTs but will exclude liability regarding the tank.

Call Kathleen Hirschorn - (973) 605-1598; she will be able to help/explain things.

Jen
... more
0 votes 4 answers Share Flag
Tue Dec 27, 2011
Larry Sarlo answered:
Are you fighting your insurance replacement cost figures?


Search foreclosures and short sale here: www.larrysarlo.com/shortsales.aspx

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
www.larrysarlo.com
... more
0 votes 4 answers Share Flag
Wed Dec 21, 2011
Kenneth Verbeyst answered:
That can be a very subjective question. It depends upon quality of construction, fit out and how involved owners are. You could spend less than $100.00 per foot doing much yourself or many times that when using architects,high end fixtures and finishes . If using canned plans costs are often less than going custom design. Builders vary also. get quotes from all but be sure to spec all materials and check out their work on other jobs. (lots of references) ... more
0 votes 1 answer Share Flag
Sun Nov 20, 2011
Gina Chirico answered:
Joyce,

If termites are found during the inspection, the bank (your mortgage company) will require that they be remediated. Usually a certification from an exterminator or proof of extermination or exterminating treatment should rectify any problems arising from homeowner's insurance and/or mortgage company. It should be the responsibility of the homeowner (seller) to take care of termites but if your dealing with a short sale and you are responsible, you should contact an exterminator. ... more
0 votes 6 answers Share Flag
Thu Feb 21, 2013
John Juarez answered:
Diane,

I did a Google search for cape may new jersey insurance agents and got 1,330,000 results. I think you will be able to find what you need if you do a quick internet search for a local agent and get on the phone. Call at least a couple for quotes. ... more
0 votes 3 answers Share Flag
Fri Aug 26, 2011
Andrew Wilkinson answered:
Your question got cut off. Can you please put a brief description of your question in the title, and then ask your question in full in the main section of the post? Thanks!
0 votes 2 answers Share Flag
Thu Aug 25, 2011
David Urena asked:
0 votes 0 Answers Share Flag
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