Insurance for Home Closing
Insurance for home closing refers to the insurance that covers you in case your home closing does not go as planned and ends up getting delayed or aborted altogether. However, it is only available for residential resales and does not include commercial properties or those under construction. Insurance for home closing is quite affordable and relatively easy to get. It covers your accommodation and expenses for an agreed-upon time as well as costs such as fees for legal/bank transactions and even costs associated with moving and storage. In the absence of such insurance, buyers/sellers have to pursue legal proceedings on their own time and dime.
Insurance for Homeowners
Homeowner’s insurance is a great option to consider. In most cases, mortgage lenders require that you have one to fire insurance that is equivalent to the amount of mortgage or the value of the property, whichever is less. Buyers should also explore insurance policies that provide extended coverage for contents in your condo, for example, as well as personal liability. Discuss your options with an insurance agent for a sound quote.
Mortgage Life Insurance (MLI)
Mortgage Life Insurance is a great way to protect your family or dependents from having to pay the outstanding mortgage in case of your untimely death. MLI is not very expensive, and for a small amount of premium, you can have the assurance that your dependents will not have to deal with the stress of mortgage payment. The premiums are calculated based on the buyer’s age and the loan amount. Once the premium is determined, it is conveniently added to your regular mortgage payments and will remain the same until your mortgage is paid off. MLI can be availed as a joint coverage for spouses.
Disability insurance provides you protection in the event of a debilitating accident that can prevent you from working. In such cases, disability insurance will make payments on your behalf. It is an excellent option for mortgage holders who are sole earners.
Job Loss Mortgage Insurance
Job loss mortgage insurance, as the name indicates, is an insurance that provides mortgage payments in cases where you lose your job due to no fault of your own.