Archive for the ‘insurance’ Category
If you’re sick of the lolcats and their Engrish, too bad. I love them and I will emulate them on my blog. So
The point is, we have been given an insurance quote by someone who seems reasonably reputable! So that’s a HUGE load off my mind.
Meanwhile, in all the excitement about the house and construction and everything, Brandon and I totally spaced out that we’re supposed to send a lot of things to our mortgage originator: 2 most recent pay stubs (each), our 2006 W-2′s, and our bank statement. We were worried at first because most of our important papers are in a filing cabinet in our house in Clear Lake, about a 2 hour drive from here. We were JUST up there this weekend and didn’t want to have to spend the gas and the time to go up again tonight. Fortunately, we filed our taxes online and were able to print a copy of our 2006 tax return, which has all the information the lender needs. Brandon put together an email with the tax return, our bank statement (LOVE online banking), and we’ll be scanning our most recent pay stubs tonight to send by email.
It feels like life’s putting up hurdles in front of us and we just keep sailing over them. So far so good. Four days and counting.
So, my friend Ross and I chatted online a little today. Ross, like most of my friends, is a computer geek. Here’s what happened:
Kelli: I’m reading about how to install windows.
Ross: Any reason?
Kelli: Coz we’re going to need to install windows.
Ross: for work?
Kelli: No, for our new house.
Ross: I am le confused
Kelli: It’s got all the original windows in it and they’re a nightmare for insulation.
Ross: oh god
Ross: I’m a dork
Kelli: Oh my gosh
Kelli: Not Windows ™ windows that open and close on a house.
Ross: Yeah, just figured that out
Ross: I’m like.. “But you’re married to a linux guy, and in a chat room full of linux folks”
Kelli: LOL That’s awesome
Here’s what I was reading: (PDF from Pella Windows)
I spoke with my agent at State Farm yesterday. He told me that in their eyes, builders risk insurance is meant for new construction. Where existing structures are concerned, they only write homeowners policies and the house we’re buying does not qualify for one of those. He recommended I find a small, independent insurance agent (translation: find someone who’s not very reputable in the business) and get them to try every insurance agency they have access to. He actually said, “State Farm won’t do it, but somebody out there will.”
On the plus side, our mortgage originator, who is excellent, recommended a specific Farmer’s agent for me so I’ve given his office a call and expect to have a quote from him on Monday. I did mention to his assistant that we’re hoping to close on Aug. 17, and she said they’d be able to write it up very quickly if it’s ok, so we should still be able to close.
[tags]insurance, random, windows[/tags]
I found a pamphlet online that explains builders risk insurance!
Here it is. It’s a PDF.
I just spoke with the assistant to the insurance agent who insures our other house and our cars. They can’t insure our new house because there’s so much below code right now.
I told him we’re getting a construction loan to fix exactly the things he said were wrong with the house. He seemed really positive about that and said that once those repairs are done they can come out and take another look at insuring it. But that’s all.
Then I talked to our loan originator who said that of course we MUST have some sort of insurance coverage, and she suggested requesting a “builders risk” policy. I’m not sure what that is, but I’m expecting it will have a higher rate, which is fine because once we have the repairs done we can move it over to a regular homeowner’s policy. But I was surprised that the guy I spoke to didn’t even mention that as a possibility. Do insurance companies not like to write builders risk policies? Is that why he didn’t mention it? It’s a State Farm agent, so it’s not like they’re some tiny company that can’t do something like that.
If anybody wants to leave me a comment or shoot me an email with any information you know about builders risk insurance policies, I’d be happy to hear from you. Frankly, I’m a little worried at this point and I’m looking for reassurance that this isn’t a major setback.
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