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How To Save On Home Insurance
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by massachusettsrealestate | January 13, 2012 at 09:16 am
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When purchasing a home in Massachusetts and procuring a loan through any mortgage lender, one of the requirements will be to get home owners insurance.
There are no mortgage companies or banks that I know of who will give someone a loan unless their home is insured. This makes perfect sense as the lender is really the owner of the property until the mortgage is paid off and discharged.
When you sign all the loan documents at the closing you will also come to find out that the lender will have the option of taking legal action against you if you do not keep your home insured. The lender is allowed to require you to insure the property for the replacement cost of the dwelling but no more than that.
If you are fortunate enough that you are not getting a mortgage for your home purchase there is no law requiring you to have insurance coverage although it would be down right foolish not too. Considering a home is usually one of the biggest assets you have it makes perfect sense to have home owners insurance. Like Real Estate Title insurance, the moment you don’t have it is when it comes back to bite you!
To continue reading on how to save on home insurance see home insurance savings tips.
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Most RecentMost Recommended Comments (1)
at 07:49 on April 10th, 2012
The last words should be heeded by everybody. If for some reason you don't have home owners insurance, or for you apartment people renters insurance, then you need to purchase it as soon as possible. Due to the large amount of litigation regarding personal liability in Texas, insurance is required before you are allowed to enter the apartment. Homeowners is a little bit different, but the end result of not having it is the same is the same. You are leaving yourself, and your worldly possessions to chance if someone gets hurt on your property. Shop around to get the best price, and remember to look over policies to note what they do and do not cover.