Homeowner’s insurance, sometimes called fire insurance, is NOT optional in home purchases. The only exception is if your pay all cash for your home. As a condition for your loan to be funded, your lender’s loan terms states fire insurance is a condition or they will not lend you the money needed to purchase your new home. Not only will that cost you extra money when you purchase a home it doesn’t come cheap. And, those insurance premiums do not stop until you pay your mortgage off free and clear. That will be 15-30 years depending on the terms of your mortgage.
If you want to know why you must purchase fire insurance read this post. If offers you insight as to the ins and outs of buying a home and what your lender expects. They want to protect their interests and fire insurance is a way that makes sure that they are use due care of their obligations to their share-holders.
The most important aspect in purchasing fire insurance it that it will give you a peace of mind that will allow you to sleep well at night. When you are awake worrying about your biggest asset it brings on undo stress that you experience both physically and mentally. Not to mention unwanted health issues no one likes.
When Mother Nature comes to give you a visit she is usually not a happy camper. She comes with high winds, shaking ground, mass flooding, rock slides, funnel clouds that suck you up like vacuüm on a ping-pong ball and the most common wild fires and arson. Not a good experience for anyone.
As an added feature there is a link to read on 12 tips for saving on your homeowner’s insurance. Tips that will save you time and money. Read more…
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