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Home Tips

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RE/MAX Associates, who average more sales and experience than other agents in the industry, are skilled at finding suitable insurers for their buyers. Call Steven Porter for a knowledgeable, skilled agent in your community. .

Owning a Home
Understand Your Insurance Needs

There are a number of different insurance policies that homebuyers need before they can obtain a mortgage. Hazard insurance protects the buyer in the event of fire, other instances of physical damage, and lawsuits, for example; and flood insurance pays for water damage resulting from runoff surface water, inland or tidal water overflow, and erosion.
Buyers with down payments of less than 25 percent, meanwhile, will be forced to secure mortgage insurance to protect the lender against default.

Title insurance, on the other hand, safeguards against any liens or judgments that are not discovered during the title search. Lender policies for title insurance are required in order to protect the lender from any legal claims made by the lien-holder, while borrower title policies - which are not obligatory - offer the homeowner similar protections.

Finally, buyers may want to consider death/disability insurance to handle the mortgage payments in case they die or become disabled. However, such coverage is not required in order to line up home financing.

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