I am getting ready to buy a house and I am getting ready to switch my car into my own name from my parents. I have to add homeowner on to the policy. If I stay with the same company will I have to pay money down like for a deposit?

 

  • carolcathey 2:02 am on November 9, 2009

    You will have to pay ONE YEAR of homeowners insurance premium at closing.
    It makes NO DIFFERENCE who insures your auto.
    AT CLOSING. ONE YEAR of PREMIUM of HOMEOWNERS.
    I stand by this statement because my mom is president of a huge insurance agent association, and I asked her.
    The end.

  • John P 2:02 am on November 9, 2009

    You will just have to talk with the agent you have now. All insurance companies play the same game but with a different set of rules.

  • mbrcatz17 2:02 am on November 9, 2009

    Well, I don’t know of any companies any more that have a homeowners and auto on the same POLICY. They will account bill, however, if you don’t put 20% down on the house and/or there’s an escrow account, the lender for your mortgage is going to require you pay the first year of homeowners insurance in full, before the closing.

    Which isn’t a big deal, as homeowners insurance doesn’t cost anywhere near as much as auto. Unless you live in Florida.

  • amust2407 2:02 am on November 9, 2009

    Like mbrcatz said, I don’t know of any companies that put auto and homeowners on the same policy.

    With regards to the down payment, it depends on whether you mortgage company is requiring you to escrow. If yes, they will most likely require a years worth of insurance up front. If not, every company has different rules. But, my company also requires you to pay a year up front, plus the new policy fee.

  • bonniejac17 2:02 am on November 9, 2009

    It deoends, but you should look into Escowing through your mortgage company.

  • Sue 2:02 am on November 9, 2009

    I know many companies that put home & auto on the same policy, they will put more than one home & boat & umbrella on too. Some are Peerless, Union Mutual, Chubb, Atlantic Mutual and CNA. I have a package policy myself.
    Anyway, if your homeowners policy is escrowed with your mortgage company, they will require the first year be paid in full. If you are not escrowing, most of my companies will require 25% down unless you are doing EFT, then they require one month, sometimes two months down.
    Since you are buying a new auto policy in your name, this is actually a new policy to the insurance company (even though you have been on your parents’ policy & they will probably require the same downpayment options I noted above. If you already had your own auto policy & were switching to a package, you would probably be able to transfer funds from the stand alone auto policy to the package & if there was enough money there, you could get away without putting down money.
    The best place to find out is your parents’ agent.