The Basics of Home Insurance and Frequently Used Terms Homeowners insurance is sometimes called home insurance or hazard insurance, but each of those terms refers to insurance that covers homes and the contents inside. Home insurance is considered a policy with multiple lines because it covers both property and liability. The premiums (payments) made to … [Read more...] about The Basics of Home Insurance and Frequently Used Terms
Can I Get Home Insurance for a Foreclosure? There are many inexpensive foreclosure homes available for purchase in today’s market, and for many these provide opportunities to purchase homes that would be out of their price range in other circumstances. The question is, will you be able to get insurance for that home if you decide to purchase it? … [Read more...] about Can I Get Home Insurance for a Foreclosure?
Should You Buy Mortgage Protection Insurance? You can always expect a pitch for mortgage protection insurance as soon as you take out a mortgage. There are several forms of this type of insurance, but it will usually pay off the remaining amount on your mortgage if you die, or it will cover your loan payments if you happen to lose your job of become … [Read more...] about Should You Buy Mortgage Protection Insurance?
6 Myths About Flood Insurance Whether or not insurance will cover flood damage depends on how much water damage there is, your home’s value, and if you have a policy with flood insurance. Standard home insurance policies don’t include flood coverage, so you will need an additional policy that is offered by the National Flood Insurance Program. These policies … [Read more...] about 6 Myths About Flood Insurance
What Are the Pros and Cons of Lender-Paid Mortgage Insurance (LPMI)? Mortgage insurance is usually required by lenders if the borrower can’t put down at least 20% as a down payment when purchasing the home. Mortgage insurance does not benefit the borrower in any way. Instead, it is what protects the lender and repays them if the borrower doesn’t pay back … [Read more...] about What Are the Pros and Cons of Lender-Paid Mortgage Insurance (LPMI)?