There are several types of insurance you will want to consider or may be required to purchase during the real estate transaction. Our OwnerLand Realty agent will help you distinguish between the various types of insurance and give you the suggestions according to your specific situation.
Here is a brief description:
...protects your home, and your personal asset up to 75% of the house value from various kinds of hazards such as fire, wind, and theft. Earthquake and water back up in the basement usually cost you extra to cover on top of your standard coverage. This insurance is required. (Flood insurance is required in a flood zone.)
...insures there are no claims against the property after the loan is closed. There are two types of policy for this insurance: Lender's policy (insure the bank) and owner's policy (insure yourself). Lender's policy usually is required and owner's policy is optional. Again ask your OwnerLand Realty agent for suggestions.
...may be required by your lender on a Conventional Loan based on the amount of your downpayment. Mortgage insurance is required on all FHA loans. This insurance protects the lender against loss in the event of foreclosure. The lender will select the mortgage insurance company.
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