When a large company like Nationstar Mortgage LLC (dba Mr. Cooper) sends you a letter telling you flood insurance is required for your house, you likely assume they’re telling you the truth. Unfortunately they might not be telling the truth and by sharing my personal flood insurance nightmare, you might save a lot of money!
What Homeowner Insurance Do You Have?
What Homeowner Insurance Do You Have?
If you own a house, you probably have homeowner insurance because your lender requires it. When you make your monthly mortgage payment, you're probably paying for insurance and property taxes.
Managing Your Homeowner Insurance
The real insurance question is whether you've ever read your homeowner policy? You probably scanned the declaration page when you bought your house. Few of us read the 40, 50 or more pages of legalize that's difficult to understand. It's not until you have an emergency like my flooded house, that you really learn what's covered ... or not covered!
- Learn what types of insurance are available. Lenders require homeowner insurance, plus flood insurance if your home is in a high risk area. Check to make sure you have adequate coverage for mold, hurricanes, wind and hail damage.
- Buying insurance starts with what you want. Make your decisions and compare quotes from several insurance companies to get the best coverage you can afford.
- Insurance rates creep higher year after year. You'll save money by checking prices at least every other year. It's also a great way to insure you have enough coverage as building costs increase.
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Latest Homeowner Insurance Article - Flood Insurance Nightmare
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- Who's Insurance Covers Burst Pipes?
- Do You Really Need Flood Insurance?
- Flood Insurance Nightmare
- Flood Insurance Might Be a Bargain
- Talking to Your Insurance Company After a Flood
- Insurance Coverage for "Loss of Use"
- Property Mortgage Insurance (PMI)
Water mitigation is the process of preventing or reversing damage caused by water in a building. When my house flooded, the insurance company sent out their preferred water mitigation company. Sadly they failed to follow the standard steps used to dry out a house quickly, resulting in mold! Here’s what my house looked like when … Read More
Most of us learn about floods on the news. Some homeowners learn the hard way when their home and/or neighborhood experiences a flood due to a hurricane, river or similar natural disaster. This isn’t when you want to learn that your homeowner insurance policy doesn’t cover flooding. Now is the time to see if you … Read More
Homeowners have lots of experience paying for home owner insurance. In contrast, they have little knowledge of home construction so how will they don’t know if the settlement offered by their insurance company will cover all repairs? That’s why hiring a public adjuster makes lots of sense, to ensure you receive the money you need … Read More
It’s never easy talking to your insurance company. During an emergency you’re under lots of stress. You’re at a disadvantage not knowing their process. You likely have limited/no experience with the problems you’re facing. But you’ve got to take action and fast so … The only number in my phone was my insurance agent. I … Read More
Have you ever read your homeowner insurance policy? The declaration page that summarizes your coverage? The truth is we (myself included) don’t have a clue what insurance coverage is real until we have an emergency. My house flooded and it’s been more than four weeks with no support for additional living expenses, called loss of … Read More
When you buy a house, your lenders want proof of insurance, along with an appraisal supporting the purchase price. Lenders don’t require a home inspection and your homeowner insurance company doesn’t either. So when do insurance inspections happen? When a visitor to this blog told me her insurance company inspected her home, I was curious. She … Read More
With the cost of new home construction going up, more condominiums are being built with shared land that makes homes more affordable. Are you’re buying your first home or first condominium? You’ll want to learn more about the condo insurance you’re buying to make sure you’ve got the right coverage in case of an emergency. … Read More
Most of us take homeowner insurance for granted. When we finance a house, the mortgage holder requires insurance. We often assume any national insurance company is trustworthy, without realizing their coverage can be quite different. Have you read your policy? Do you really know what your homeowner insurance policy covers? Sadly most of us don’t … Read More
We know we need homeowner insurance because lenders require it to get a mortgage, and who wouldn’t want to protect the investment they’ve made in a house. But we tend to pick an insurance agent or company, and put the annual policy renewal on autopilot. It doesn’t feel any different than a mortgage, and who wants to waste time … Read More