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I decided to go with Pyramid Insurance of Hilo. Their prices are a little more expensive, but they give fast results I heard. At least the first year i'll go with them. Unfortunately with the Prime Lending fiasco stilling going on(which i'm not a part of)has hurt my mortgage situation. I now have to pay a PMI,and had to put 10% down
My homeowners rates are $855.00 plus I'm now being required to have hurricane insurance too. That's another $339.00 on top of that!
Any of you care to share home insurance companies you went with and prices if you don't mind?
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State Farm, single story 1,700sq ft, metal frame/metal roof, HI county supplied water w/ hydrant nearby, city lot - $701 inc. hurricane
Edited by - carey on 06/23/2007 09:46:03
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I would shop around! Hurricane insurance is not mandatory, some insurance companies require it and some don't. (It's up to you to decide if you want it or not.) PMI has nothing to do with your insurance, it's part of your mortgage. All lenders charge it if your downpayment is less than 20%. (You might want to check on the property values there, if your property increased in value you might have more than 20% in equity and you should refinanceto avoid the PMI.)
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
interesting John, we've always had lenders that required hurricane insurance. Our Zephyr policy on single wall doubled last year ... it is over a $1000 now. Our homeowners is more like 5-600 through Allstate.
So one can really get by without hurricane insurance and have a mortgage here?
For home insurance, we started here with Aloha and then followed a broker we liked to Allstate, but now he's moving to the mainland, so no point referring him. I'll be shopping around this time.
It can work well to combine auto insurance and homeowners, as most of you probably know, there's usually a discount.
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hey beachboy..i too am using Pyramid Insurance and although i don't pay for pmi..mr rabi is correct..that is based on how much down payment to layout. although i too had to get hurricane insurance. my lender demanded it. my home is brand new in hawaiian beaches, up to code..etc but i still had to buy it. lets hope we don't ever have to use it...
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Lucky you no live Florida. As of this year my insurance, which includes hurricane, is about 10K.
Pua`a
S. FL
Big Islander to be.
Pua`a
S. FL
Big Islander to be.
Posts: 1,069
Threads: 266
Joined: Sep 2006
quote:
hey beachboy..i too am using Pyramid Insurance and although i don't pay for pmi..mr rabi is correct..that is based on how much down payment to layout. although i too had to get hurricane insurance. my lender demanded it. my home is brand new in hawaiian beaches, up to code..etc but i still had to buy it. lets hope we don't ever have to use it...
yeah, I went with pyramid Insurance because of their track record with other clients. Pyramid may be a bit more expensive, but they get things done ASAP when the you know what hits the fan!
Can anybody explain to me why if I cancel hurricane insurance I forfeit the money,but if I did that with my homeowner's insurance I'd get money back on pro rated scale?
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