Homeowner’s Insurance Information

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Homeowner’s Insurance Information

Home insurance or homeowner’s insurance is generally required by mortgage lenders in the United States. In addition, mortgagors are commonly required to provide proof of insurance to the mortgage holder at least once a year. In most cases, though not in all, the mortgage holder escrows (adds to the payment and collects monthly) the insurance and ensures that it is paid on behalf of the mortgagor in a timely manner so as to prevent a lapse in coverage. Homeowner’s insurance generally insures the property, contents, and any outbuildings or structures (garages, fences, sheds, etc.) from fire, wind, and other catastrophic destruction. Traditional homeowner’s insurance does not provide protection against damage from flooding or from any event which is not sudden, unusual, or unexpected (mold, termites, earthquakes, etc.). Depending on the region of the country a consumer may be able to purchase insurance against some of these normally uninsured losses. The two best examples are flood insurance and earthquake insurance, which are specialty lines clearly only appropriate for houses at high risk for these occurrences. While lenders rarely require earthquake insurance, it is commonplace for lenders to require flood insurance in the non-preferred portions of flood plains. Subsidized flood insurance is available for purchase through the Federal Emergency Management Agency for $317 per year to insure $250,000 in buildings and $200,000 in personal property. Additionally, most private insurers sell excess flood insurance to insure higher limits of liability.

Make the right decisions when shopping for homeowner’s insurance and other financial services. Educate yourself!

Please note that the Debt Consolidation Loan Directory has a growing library of informative resources for consumers shopping for many types of financial products, such as home insurance and jumbo loan financing. The best way to make more better decisions regarding the management of your personal financial matters is to become educated. Please feel free to visit our consumer education library.