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Posts Tagged ‘House’

Under the House bill, what would happen with my health insurance payments?

05 Jun

I make $10/hr and my wife makes about $13/hr. We both have insurance from my employer and pay about $105/month, which is well under 5% of our yearly income . If I understand the information correctly according to http://liheap.ncat.org/profiles/povertytables/FY2010/popstate.htm, our income puts us at just under 300% of the Federal Poverty Line. Based on the House bill–http://www.kff.org/healthreform/upload/healthreform_tri_full.pdf–we will be eligible for health care credits which will keep our premiums under 10% of our salary–which is about $400/month. Am I missing something, or could my premiums be going up 400%?

One thing this computation does not account for is the $135,000 in student loans that my wife and I must pay off. I imagine that if my monthly student loan payments were accounted for, my yearly income would be much closer to the Federal Poverty Line, and clearly I’m not going to be able to afford a quadrupling of my health insurance premiums.

I’m not asking a political question or a partisan question. I don’t need to hear simplistic “Obamacare sucks” answers. I’m not a super smart person, either, so I might be missing something obvious as I’m putting these figures together. So I’m interested in real numbers. What would I reasonably expect under the House’s health care reform bill?

Thanks.
Ha! A friend pointed out my first mistake. Deductions are $105/pay period, or $210/month. Silly, me. But still, the question of what I should expect remains.
@let me steer you:
To offset the extra expense of the Wal-Mart cashier you speak of, premiums are going to be adjusted across the board. As these adjustments are made, it is very possible that my premiums will go up to a limit of 10% of my income. Is my logic flawed? If so, please explain.

 
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We bought a house this year and filed our taxes through H&R block. Are we supposed to get money back?

29 May

We bought a house this year and when we filed with H&R block our refund is $1418. I am not sure if I understand or not but I was thinking we was going to get a bigger refund. The mortage interest was $4062, the the points paid was $1999 and the insurance premiums was $4155 and the real estate taxes was $778 and I also had $1212 interest in student loans. Wouldnt we supposed to get more back?

 
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Home owner’s insurance for condominium house?

26 May

I live in a housing complex in a condominium. I have taken home owner’s insurance policy as required by mortgage company. Recently my insurance company informed me that they are removing ‘ earth quake ‘ coverage from policy from next renewal cycle as it is not economical to the insurance company.

My questions are –

a) As general rule what kind of insurance one should take. I mean – fire, theft, flood, earth quake, tornado, hurricane, twister etc.
b) what monetary coverage one should go for ? I mean say house is of 300,000 value.
c) If the present company does not give earth quake coverage, then should I consider going to other company.
d) Can any one give some ideal what will be the premium per year for getting all above coverage for 300,000 value house.
I have read the answers of – mbrcatz17, hi91977 and harrell1956. Thanks,
But my questions still unanswered are -

a) Should I take coverage for Earth quake, Hurricane, Twister, Tornado and flood. I live in new jersey. It is not flood zone area.

b) I existing premium is 300 $/year for Fire, earthquake, hurricane but without flood. Now my company is removing Earth quake and said it will save $ 17 /year. If I go to another insurance company what will it cost appx. for earth quake coverage ? And should I go for it or not ?

 
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If 3ft of an unfinished basement of a house is in a flood plain how much insurance is required?

18 May

The recently redrawn flood maps show the flood event elevation being 107 and my basement is at 103.5. The basement is unfinished with the only value being the furnace and the hot water heater. My lender on my HELOC is saying that they now require $250K worth of insurance in order to comply with FEMA guidlines. My HELOC is behind a first that has a balance of more than $250K and the lender on my first is not requiring insurnace. Anyway, I have been quoted a $2500 annual premium for something that would cost less than $15 to replace. The holder of my HELOC is saying they are required to force me to get insurance because of FEMA. I question if they truly know what they are talking about.

 
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House insurance quotes/subsidence issues?

15 May

My property has no current problems with subsidence, landslip or heave but does have a longstanding history of this as stated in the house report.
I have cancelled my current insurers,Swinton as i have had a lot of problems with them that have cost me extra money on top of my premium,unfortunately now i have to renew my insurance a lot of the sites i am visiting will not quote because of the problems in the past with subsidence etc.
Does anyone know where i can get insured,preferably online?
I have been in house only 1 year and am only aware of issues through house report and dont know of any possible claims on insurance through subsidence problems.

 
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Difference between general warranty deed and special warranty deed while buying the house? OK to get special?

15 May

What is the difference between general warranty deed and special warranty deed while buying the house? Seller is offering special instead of general.What are implications to me as a buyer. OK to get special? Will it affect my insurance premium or lender’s fees? Would a lender even be ready to lend? Thanks in advance!

 
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Hazard Insurance – closing on house tomorrow?

10 May

We close tomorrow morning and I’m just being a tad of a control freak. Can anyone answer these questions since my Title Company contact has left for the day?

a) Hazard (Homeowner’s) insurance: I’m pre-paying a year’s worth of premiums, plus putting 2 months into escrow. Does this mean that for the first year, I won’t be paying my insurance monthly premium with my mortgage payment? So my monthly payment will just be my Principal & Interest & Property Taxes (no PMI since I’m putting 20% down).

It’s been a while since I’ve bought a house !

I’ll be checking back, so if you need any clarification, let me know. Thanks for any information you can throw my way!
OK – I get what you guys are saying – but at what point can I just pay monthly homeowner’s insurance directly to the insurance company – rather than pre-paying?

And – a related question – when can I start paying yearly for my property taxes rather than monthly with my mortgage payment?

 
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For Home Owner Insurance purposes, is an unfinised basement included in total square footage of the house?

05 May

Are Insurance company underwriters not supposed to include unfinished living areas of the house when determing my total square footage of house for replace cost purposes? My premium went up even though the home inspector from Allstate did not know I had part of my house that is unfinished. I was not home at the time when he did this home based underwriting square footage procedure.

 
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I put an offer in on a house and gave a deposit with it. Where is this money going to go?

26 Apr

I received a %100 mortgage, so it can’t go to the cost of the house or the insurance premiums because thats not factored into my mortgage documents. So I don’t understand where this money will go.

 
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What is a reasonable cost (premium) for a residential house cleaning business?

21 Apr

Just starting out in house cleaning business…want to have general liability insurance (600K-1million), with no previous experience in the cleaning industry (but high FICO score), is an $800+annual premium a reasonable cost? (also it’s through Lloyds of London…is that the bottom and most riskiest, costliest insurance)? thanks for any help

 
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What company is your house insurance through?

02 Apr

Who insures your house and are you happy with the premium amount?

 
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Does Mortgage Insurance Premium (MIP) last for the term of the contranct on a house?

29 Mar
 
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Two years ago, I lost my engagement ring in my house. I called my insurance company to report it…?

24 Mar

I told them I would wait until after we moved in case I found it somewhere in the house. Well, I waited until we moved (about six months) and then followed through on the claim and had my ring replaced.

Well, here we are two years later and my rings were stolen/lost. (both engagement ring and wedding band) I took them off in a restaurant and when I went back for them they were gone. (Yes, I know it was really dumb to take them off)

I am SO very upset but know that I am totally responsible for this happening. I can’t fathom filing another claim with my insurance company. The ring is worth about 6K.

My husband is saying I must file a claim. He compared it to having a car accident. He says if you were in an accident and then two years later were in another accident, you wouldn’t think twice about having your insurance cover the repairs.

What should I do here???

 
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If my house Got into Fire, can my insurance can they move me another location?

24 Mar

My friends House got into fire last night a total loos, he has Premium insurance with allstate, and he has decided to be relocated.
Its Possible?

 
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Can a home insurance company increase the amount of insurance on your house without your request?

19 Mar

Of course when the amount of insurance in increased, the insurance premium also increases. I have only $125,000 left on the mortgage and insurance company has increased the insurance to cover a value of $305,000. Real estate value of the home is $450,000. My credit rating is excellent and I have not had any insurance claims

 
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