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Fast and Free Multiple Homeowner's Insurance Quotes
One of the primary activities at the closing or escrow is the verification
of all of the insurance that is needed or desired when buying Real Estate.
Title Insurance:
Insures that the title or deed to the home is good and marketable. This is only issued after a successful title
search. Title Insurance would most likely protect you, for example, if an unknown additional seller (for example
an ex-wife or husband) suddenly surfaced months or years after you took possession of the property.
Homeowner's Insurance:
Insures the home against damage or theft. This insurance will be structured to protect both you, as the owner,
and the lender. There can be a good deal of variation in policies. See the section on saving money on homeowner's insurance
for hints on getting the most insurance for the least amount of money.
Personal Mortgage Insurance (PMI):
This insurance, although paid for by you, protects the lender against a loss should you default. It is present
and required on the majority of loans that have less than a 20% downpayment. Recent changes in laws affecting PMI
will make it easier to get this insurance removed when the equity in your home reaches 20%.
Do not confuse PMI with mortgage life insurance, which would pay off your mortgage should you die before it is
paid off. Mortgage life insurance can be purchased through your Insurance Agent, but is not required.
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Homeowner Insurance Resources
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