Hud Foreclosures Ohio
February 18th, 2010
Hud Foreclosures Ohio
Question: House insurance - Ohio?
This is my first home Im buying in NE Ohio. Also this is the first home Ive bought that will be cash paid off. It was a good deal from a foreclosure HUD. In the past Ive had morgages that include insurance,ect....Will I need to get insurance, and what kind? About how much does this run?
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Answer: You will need to get homeowner's insurance on your property and for your own liability protection. The cost will range (depending on the location) anywhere from $500-$2500 a year. Also, depending on your location, you may also be required by federal law to obtain flood insurance. Check the certifcation on file with the county to see if your home is located in a flood zone, or if there is an exemption on file. You may also have to have mine subsidence insurance.
All these insurance costs and extras depend on the location of the property.
I would shop around for the best deal in Homeowner's Insurance. You may be able to get it at the same company who insures your car or other goods, and usually when you have multiple insurance policies, you get a discount. But SHOP! There is a HUGE difference in prices and companies. (I used American Family and liked them very much and got a good deal.)
Make sure you check that flood certification before you pay for flood insurance. This costs about $2000 per year!
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