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Any thoughts?
... |
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I recently purchased new town home and I need your advice on cheap (nice) home owner's insurance.
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Gatsby216 | Home Owners Insurance Policy Refund? |
I am looking to get a home owners policy with Homesite. They require a 25% down payment and monthly payments. I am thinking I might want to change policies in 2 or 3 months. If I cancel will I be charged anything beyond the monthly cost, ie a termination or set up fee.
I looked for info on the web site, but they don't have contract details on there. |
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Insurance MAN
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Find out what % of the premium is "minimum earned" and ask about short-rate and cancellation fees. If your agent cant SHOW you where it is written in writing, then dont sign anything. This is something I've seen all to often, the agent does not know for sure, so they guesstimate and it ends up being wrong.
Also.... Homesite is a NIGHTMARE! beware, I've had issues woith them in the past as far as service goes. You may want to look around a little more.... remember you get what you pay for. Not all policies are the same. HO policies should have a fair amount of 'loss of use' coverage, replacement cost plus on the dwelling, and replacement cost on your contents. Also check into the covered perils, mor importantly, the perils not covered. |
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Jim C
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You will receive a refund if you have paid for more insurance than you've used. For instance, if you have a policy that's $100 per month, and you've paid $600, and only had it for 3 months before replacing it, you should be entitled to the other $300 back. However if the "minimum earned premium" is for instance $500, then you'd only get $100 back.
The minimum earned premium should never be that high, though. It was just an example. You can ask the agent about the minimum earned premium, and they will have an actual dollar amount. If they can't give you a straight figure, they're lying to you. They probably will tell you though. |
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Dave1001
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First of all, I would suggest that you go straight to the company that you are planning to switch to in two to three months. Switching in the middle of a policy period is do-able, but it can be a pain in the rear if your insurance payments are impounded (paid through your monthly mortgage payment).
Some companies do what's called a short-rate. That means they give you a refund minus a percentage of unearned premium. Some companies give a pro-rate which means that you get back all of the unearned premium.
If you ask them if the short-rate or pro-rate, they'll know what you mean. |
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mbrcatz
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Yes, you can be charged both a cancellation fee, depending on what state you are in, and a "short rate" cancellation fee. |
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eva j
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you can get all your needs to get home owners policy visit |
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