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IWETHEY Home / IWETHEY Board / Open Forum / That's a different insurance.
Post #97,930
by cwbrenn
4/22/03 3:37:34 PM
Reply
New That's a different insurance.
There's insurance that allows the mortgage company to recoup their losses, and then there's the insurance that allows you to rebuild. And then there's PMI, which is insurance the mortgage company can take out in case you default on your loans. We have no PMI, but the mortgage company (our credit union) automatically took out their own insurance (already factored into the loan) and require us to have our own.

I think that's how it's working out, anyway. The one the mortgage company took out is called "Hazard Insurance."
"We are all born originals -- why is it so many of us die copies?"
- Edward Young
Post #97,977
by jbrabeck
4/22/03 4:52:13 PM
Reply
New From the sound of it...
YOu'll end up with double coverage on the house. If house is destroyed, who gets the money? If the mortgage company is escrowing your insurance, then they shouldn't be makeing you get additional coverage. Imagine if you get your coverage from the same company, and you both try to file a claim for the same "damage".

Something doesn't sound right to me. In my home ownership I've had both the insurance escrowed and self paid. In both cases, I chose the insurance company, and when necessary filed claims and had repairs made. If the house were destroyed (hasn't happened), I think, the mortgage company would get a check for the coverage amount and refund me anything in excess of the balance due. Or I'd get the check and still be liable for the mortgage. Don't remember which way it is written.
[link|mailto:jbrabeck@attbi.com|Joe]
Post #98,132
by cwbrenn
4/23/03 6:51:21 AM
Reply
New I was wrong.
The hazard insurance and the insurance I'm getting are the same thing. I don't understand why I'm being asked to cover so much, the only response I'm getting in return is that "old houses are different." My brother's father-in-law works in real estate and he says this happens a lot.
"We are all born originals -- why is it so many of us die copies?"
- Edward Young
     The saga continues: the hidden cost of buying an old house - (cwbrenn) - (17) - April 22, 2003, 09:48:11 AM EDT
         Gah. -NT - (admin) - (7) - April 22, 2003, 09:54:32 AM EDT
             On the other hand... - (cwbrenn) - (6) - April 22, 2003, 10:03:43 AM EDT
                 Re: On the other hand... - (deSitter) - (3) - April 22, 2003, 10:16:31 AM EDT
                     We already know about the property tax - (cwbrenn) - (2) - April 22, 2003, 10:58:46 AM EDT
                         You're a NYker now - (deSitter) - (1) - April 22, 2003, 11:06:34 AM EDT
                             LOL - (cwbrenn) - April 23, 2003, 06:53:04 AM EDT
                 Does your house - (folkert) - (1) - April 22, 2003, 10:48:06 AM EDT
                     *groan* - (cwbrenn) - April 22, 2003, 11:01:28 AM EDT
         Wait a minute... - (jbrabeck) - (3) - April 22, 2003, 12:36:04 PM EDT
             That's a different insurance. - (cwbrenn) - (2) - April 22, 2003, 03:37:34 PM EDT
                 From the sound of it... - (jbrabeck) - (1) - April 22, 2003, 04:52:13 PM EDT
                     I was wrong. - (cwbrenn) - April 23, 2003, 06:51:21 AM EDT
         Sounds fishy - (tuberculosis) - (4) - April 22, 2003, 09:09:19 PM EDT
             I'm thirding this - (kmself) - (1) - April 22, 2003, 11:02:23 PM EDT
                 my brother's father-in-law is in real estate - (cwbrenn) - April 23, 2003, 06:56:57 AM EDT
             call state farm other mainline folks - (boxley) - (1) - April 22, 2003, 11:04:00 PM EDT
                 State Farm gave me same spiel - (cwbrenn) - April 23, 2003, 06:49:51 AM EDT

Wait 'til you sneeze, next.
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