you could be experiencing a number of different things, here are a few;
in both of the above cases, you should request a copy of your insurance declarations page to determine what coverage you have, how much coverage you have, and how much your premium is. If you find that your coverage has increased, and you believe it to be too high, you can contact your agent and have your policy changed. Be advised, however, that your mortgage company is going to require a minimum amount of insurance coverage on the property in order to protect their interest in the property. It is in your best interest to meet this coverage requirement, otherwise the lender will issue a force placed insurance policy. In almost every instance, these policies are many, many times more expensive than a voluntary policy. The reason for this is because they are not underwritten, meaning they are issued sight-unseen, this means that the risk to the insurer is much greater, therefore, the premiums will be much higher. The minimum requirement for your property is going to depend on who your lender is, but for almost every lender this amount will be at least as much as your unpaid balance, but in most instances it will be the replacement cost of the home, which leads me to the third point;
I would suggest that you speak with your insurance agent, they should be able to explain everything to you in detail, and should be able to offer you some guidance. additionally, if you are unable to get any help, you may consider switching insurance carriers so that you can find a more reasonable company.
hope this helps!
Homeowners insurance does not cover your mortgage if you become disabled. You would need to obtain mortgage protection insurance for that.
No. This is not what homeowners insurance is for. Homeowners insurance is to pay for physical damage to your home and contents.
No. Homeowners Insurance does not cover the owners default on a mortgage note.
Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?
NO, your homeowners policy will cover 'additional living expenses' but will not cover your mortgage.
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
Mortgage InsuranceNo, Mortgage Insurance is NOT Homeowners Insurance. Mortgage Insurance does not cover your home at all.Mortgage Insurance covers your finance note, not your home.
hazard insurance is another way to say homeowners insurance - they should be referring to the same thing
Yes, if you own a home, homeowners insurance is definitely recommended, if not mandatory by some mortgage lenders.
It is the Homeowners responsibility to provide property hazard insurance under the terms of your mortgage. If the Mortgage company has to purchase it for you then it means your already in violation of your Home Finance Contract and subject to default.
It is unlawful to intentionally under insure your home. Your insurance company is required to review your homeowners policy regularly to insure that you are properly insured and that your homeowners policy is in compliance with the law as well as the terms of any associated mortgage note.
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