New Homeowner's Day 2018 is on Tuesday, May 1, 2018: Homeowner's Insurance cancelled Does my Mortgage cover me ?
Tuesday, May 1, 2018 is New Homeowner's Day 2018. New Homeowner's Day New Homeowner's Day,
That forced placement coverage that your mortgage company will charge to you (which, btw, costs about 10X what regular homeowners is) will NEVER cover you. It won't pay you, it won't cover your stuff, it won't even pay to fix your house if there's a fire. It only EVER pays the mortgage company, and only up to the mortgage amount. And mortgage companies aren't going to use that money, to fix your house.
What you do, is pay in full for one year. If you don't have it this week, you'll have to wait until next week. If you go 30 days without coverage, though, you'll be considered 'high risk', and the cost will go up.
homeowner's insurance question?
No, there's no penalty.
The insurance doesn't go into effect until the day of closing -- just tell your agent that the house had all sorts of problems and you are having to look for another place.
When I first started selling insurance 20 years ago I use to quickly be able to know which company would provide the best rate based on the type of home, where it was located, it's condition, etc, etc. but those days are gone. Now we have to rate each individual with several of our companies to find the best rate.
In order for you to get the best possible premium will require getting as many quotes as possible. You will be blown away by how much the premiums can vary from one company to another.
There's a free on-line rating service located at:
This is a pretty helpful little site. There's no obligation to buy and they offer several free on-line rating services that you access by simply clicking a link. By requesting quotes from all of them who quote homeowners insurance you increase your odds of getting the best premium.
Hope this helps!