**Correction: Homeowners insurance is what I meant, not mortgage insurance.
I (38f) purchased my first home, a fixer-upper in CA, last year. The house was built in 1955 and the former owner didn't do a ton of upkeep. It's my primary residence.
During the inspection, several things were listed which made getting mortgage insurance a bit difficult (or more expensive). Some companies flatly refused to insure me. Things listed, among others: termites, non-GFCI outlets throughout the house, crumbling water heater, a damaged shower pan in the bathroom requiring repair. Upon receiving the keys, I hired contractors and an exterminator to make a number of the needed fixes. The house is in a much better state, but there are still things that need fixing down the line.
My insurance provider is AAA. If I contact them and tell them I've made a bunch of repairs, will my rate go down upon another inspection? Has anyone done this?
Any advice is helpful.
Mortgage Insurance Question
byu/Amazing_Repeat_3466 inpersonalfinance
Posted by Amazing_Repeat_3466
3 Comments
I suggest calling them and asking if they offer lower rates or discounts if the reinspection shows the improvements you made.
Mortgage insurance is the insurance you pay your lender that insures the loan in case you default. Are you asking about homeowners insurance? If so you may get a better answer by posting in an insurance sub as those in that industry may frequent that sub. Also change your title to homeowners insurance. If that is the case.
You need to give them proof of repairs with pictures and copies of paid contractor invoices.