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When getting homeowners insurance it is usually the best bet to get all insurance from the same insurance company

   Why? What usually happens is a rebate off the total Insurance Payment. That is correct. Many borrowers don’t realize how advantageous it is to carry all, HOME OWNERS, LIFE INSURANCE AND AUTO Insurance with the same company. Usually you will receive a percent rebate off of any or all policy by having them with the same company.

Mortgage Life Insurance is key.

Many people want some protection in the event of something un foreseen happening. Therefor they search for Mortgage Life Insurance. But this protection does not usually have as good as coverage as a term life policy on the homeowner would.

Mortgage Life Insurance may be attached to the loan and payments may be a part of the monthly mortgage payment. Usually this type of insurance is attached to the payment through a third party company and NOT the actual mortgage lender.

It usually makes more sense is to buy a separate Life Policy. It is usually cheaper or it has more varied options to get funds if the policy is ever cashed. It will allow you to also get that multiple policy rebate.

But if you do feel more comfort with having the insurance attached to the loan you should ask your loan officer for a quote on the payment to include an insurance option. However, Most loan officer would not be able to offer such a policy from a mortgage company, it would have to be provided through a third party whom has little or no real relation to the originating loan company.

TIP : Request a Insurance quote from a outside company to get a idea of what the policy is covering and how much it cost and compare that to the mortgage life insurance price.

PLEASE REMEMBER. Mortgage life insurance and Mortgage Insurance are two completely different Items.

Mortgage Insurance (Referred to as MI) is only there to pay the LENDER of the mortgage in the event of a foreclosure on the loan. It usually have zero benefits to the homeowner yet they have to pay it if the LTV (loan to value) is not 80% or below of the value of the home.

One major insurance product often overlooked is Flood Insurance.

  Many homeowners don’t know that they may be living in a flood plain or they believe that their homeowners insurance covers floods. Often the homeowners insurance will not cover the flood damage and the mortgage must still be paid even if the home is unlivable. That is why FEMA has created flood insurance. It usually can be purchased from a carrier/insurer but the actual policy is held and written by FEMA.

TIP - water/sewer back up coverage is not flood insurance.

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