Homeowners insurance and title insurance may not be the only kinds of insurance you need when you buy a home. Many buyers also have to purchase mortgage insurance, which lenders require for mortgages with a down payment of less than 20 percent. Take the time to understand what you're buying and how long it will affect you. Mortgage Insurance Protects the Lender Most types of insurance will pay you if you make a claim. Mortgage insurance, though, is solely for the lender. If you were to stop making payments and the lender foreclosed on your home, the mortgage insurance would pay the lender the … [Read more...]
What Types of Coverage Are Included in Standard Home Insurance Policies? Let’s Take a Look
Every insurance policy is different and can provide certain levels of protection tailored towards the needs of the policy holder. However, there are some standard types of coverage that are included in most basic home insurance policies. Basic Levels Of Protection Most homeowner insurance policies will include some basic levels of protection and coverage. The main dwelling will be protected from many forms of damage and the insurance company will pay to repair the damaged dwelling. This will extend to other smaller structures on the property, like sheds and separate garages, but the level of … [Read more...]
Homeowner’s Insurance: What’s Covered, What Isn’t and Why You Might Need It
Homeowner's insurance is an incredibly valuable and beneficial policy for homeowners to have, but it is necessary to understand what traditional policies do and do not cover. Once you familiarize yourself with the intricacies of various plans you will be better educated to make the proper decision when selecting your desired level of coverage. What's Covered In Homeowner's Insurance? The majority of homeowner's insurance plans will cover dwelling and other structure protection, personal property protection, natural disaster protection, and bodily injury liability protection. Dwelling and … [Read more...]
The 5-Minute Guide To Flood Insurance: What It Is, How It Works, And Whether You Need It
You've got house insurance, and assume your property is covered for any type of detrimental occurrence that can possibly take place. However, not all homeowners are aware that home insurance policies don't necessarily cover damage related to a flood, as the risks are too great. As a result, homeowners must purchase flood insurance through a private company. Floods are one of the most common hazards in the US, costing billions of dollars in damage to properties every year. Since this is a common issue lately, the federal government updating these policies currently so please talk with your … [Read more...]
Tips for Saving Money on Life Insurance
If you were to die tomorrow, would your spouse and your children have enough money to take care of themselves? Life insurance is designed to help provide financial security to your loved ones after you pass away. The policy will cover your funeral costs, as well as setting aside money for your family to support them after you are gone. Life insurance is especially important if you are the main breadwinner for the family. Take Your Time and Shop Around Buying life insurance is a big decision that you will commit to for many years, so be sure that you compare many different options before … [Read more...]