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PostIt’s pretty safe to say most American homeowners have a mortgage loan. And those of us with a mortgage realize that we don’t actually own our home…the bank does. Right? This is why it’s necessary to list your lender’s “interest” in your home on your insurance policy. You may remember your insurance agent asking for your mortgagee...
It’s pretty safe to say most American homeowners have a mo...
PostHomeowner’s insurance Q&A: Does homeowner’s insurance cover bedbugs?” The national media is aggressively reporting on the wave of bedbug infestations currently ravaging households in the United States.Read More: What does homeowners insurance cover? There must not be anything more pressing (like the economy) to talk about. Either way, as more and more people and businesses discover they...
Homeowner’s insurance Q&A: Does homeowner’s insuran...
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PostRoof damages may qualify for some roof claims, but only when a covered hazard is involved, such as hail damage or a tree falling on your house. Otherwise, roof damages are considered routine maintenance that eventually affects every house, and homeowners are responsible for maintaining their roofs to protect their homes from leaks and other...
Roof damages may qualify for some roof claims, but only when...
PostMortgage insurance, also known as private mortgage insurance or PMI, is a type of insurance that is required on all residential mortgages with a loan-to-value above 80%. Mortgage insurance is not a type of homeowners insurance. Instead, it protects the lender in cases where homeowners default — it does not protect the homeowner if they...
Mortgage insurance, also known as private mortgage insurance...
PostIf you own property, you’re going to need a homeowners insurance policy. Whatever you call it, dwelling coverage, personal property insurance – it boils down to a homeowners policy being absolutely necessary. Needless to say, most homeowners are going to be preoccupied with insurance costs and what types of coverage they’re going to need. Below...
If you own property, you’re going to need a homeowners...
PostInsurance Q&A: “How are homeowner’s insurance rates determined?” One would likely guess would be that the answer is similar to how car insurance rates are determined. And you’d be partially correct. Homeowner’s insurance rates, similar to auto insurance rates, are now subject to our individual insurance scores (for most insurance companies). But don’t fret; if...
Insurance Q&A: “How are homeowner’s insuranc...
PostThe “Chinese drywall” problem is just starting to snowball. According to Independent Agent Magazine, “the property loss from Chinese drywall could exceed every U.S. hurricane except Katrina (2005) and Andrew (1992).” How much is that? The expected property loss settlements could top $20 to $30 billion dollars.Read More: What does homeowners insurance cover? An estimated...
The “Chinese drywall” problem is just starting to snowba...
PostA deductible (for property insurance) is the amount of money a policyholder is responsible for paying out of his or her own pocket in the event of a claim. Typically, personal lines policies (home and auto) have a flat rate deductible.Read More: What does homeowners insurance cover? You may see a $250, $500 or $1,000 deductible...
A deductible (for property insurance) is the amount of mone...
PostUnless you can afford to purchase your home or car outright, you’ll need to obtain financing to pay for it (this includes leased vehicles as well). The Bank Is the Loss Payee or Lien holder The bank or financial institution that lent you the money is referred to as a “lien holder” or “loss payee” on...
Unless you can afford to purchase your home or car outright,...
PostInsurance Q&A: “Is homeowners insurance included in the mortgage?” In order to answer this question, it’s important to point out the difference between mortgage insurance and homeowners insurance. They may sound like two ways to say the same thing, but they serve completely different functions. One is required on every loan while the other is...
Insurance Q&A: “Is homeowners insurance included in th...
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