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Cheap Insurance - Ten Tips
Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following: 1. Raise you deductible. Why have a $100 deductible if a $1000 deductible...
Group Term Life Insurance and the Options Available
Group term life insurance is more affordable than individual life insurance policies because the costs to the insurer are lower. They have less paperwork to handle, and are guaranteed multiple accounts from one sale - which is their incentive for...
Terrorism: Acts of Terrorism: When will Insurance Respond?
Insurance policies provide financial protection in a broad range of circumstances but each type of product specifies certain situations where the policy will not respond. These vary from one type of product to another, and can vary in detail...
Understanding Insurance Fraud
Insurance fraud is the second costliest white-collar crime in
America, after tax evasion. It is estimated that $80 billion is
paid out each year in fraudulent insurance claims. It is
estimated by the Coalition Against Insurance Fraud that...
Why Don't Women Have Life Insurance?
Traditionally, life insurance companies solicited men as the main breadwinners in a family to ensure, that they had adequate life insurance coverage. Now, times have changed, but the statistics on women show that great percentage of American and...
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Homeowners’ insurance: The mortgage connection
A home owners’ insurance is the cover for the house against natural calamities as well as liability. This covers the house and its contents but also other personal possessions which the house secures. The natural calamities include fires and winds. It covers thefts and vandalism as well. It is also called hazard insurance (http://www.mortgagefit.com/hazard-insurance.html)
It is not mandatory, like in the case of automobile insurance to have a homeowners’ insurance. But when one mortgages, the deed of trust or mortgage requires the collateral to be insured. This is because in the event of a default, the lender must not suffer. If in the time span the house gets damaged due to a wind or accident, the value on sale will decrease and thus the lender will not be able to get back the debt balance.
Why does the lender insist on a homeowner’s insurance?
Firstly, the lenders’ name or the mortgage company appears on the certificate of the insurance policy. The lender is categorized as a ‘loss payee’ or a mortgagee. This ensures that the lender is entitled to the insurance amount if the borrower defaults.
Secondly, the insurance premiums are paid little by little along with the
monthly obligations or it is deposited in with impound or escrow account. In both cases the lender can earn the interest which is earned out of this amount. Moreover an escrow requires an amount much more than a single premium to fund the account.
The manner of payment of the insurance premiums differs from lender to lender. Some require that the insurance premiums be paid off in the first year after closing; while others will spread the same throughout the loan term.
What you should keep in mind before taking a homeowners’ insurance?
You should shop for an insurance agent extensively .You must go in for an insurance company which will make an honest evaluation of your home value.
This insurance is not only for a liability security it is important to the borrower as well especially if you aim for a refinance or a remortgage. The collateral remains the same .Thus you can still avail of a loan amount equal to the earlier mortgage amount if not more (due to appreciation).
For a detailed study of mortgage and such other terms you can log onto:
http://www.mortgagefit.com
About the Author
Smith has completed her Masters with a specialized paper in Mortgage.
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