Home closing insurance is quick, easy and affordable. These days home buyers and sellers of residential resale transactions (excluding homes in the process of being built or commercial properties) can choose a lawyer offering home closing insurance in the event of a delayed closing or aborted transactions. These include temporary accommodation, living expenses, bank fees, legal fees, moving, storage, and other incidental costs. Without home closing insurance, the only recourse is legal proceedings that are very costly, time consuming with no guarantee of the outcome.
Most mortgage lenders insist on fire insurance coverage at least equal to the loan amount or the building value, whichever is less. You should also consider a homeowner's or condominium insurance policy that combines fire insurance on the building and its contents with personal liability coverage. Consult your general insurance agent or broker for professional advice on home/condo insurance or visit Mississauga insurance resources.
Mortgage Life Insurance
When lenders refer to mortgage insurance, they're referring to coverage that's provided by CHMC or MICC for a high ratio mortgage. Mortgage life insurance (MLI) is inexpensive coverage on your life which protects your family or beneficiaries by paying off your outstanding mortgage in the event of your death. For just pennies a day, you will have peace of mind knowing your beneficiaries will be mortgage free. MLI premiums are based on two factors: your age and mortgage amount. Your premium is added to your mortgage payment so there's no extra paperwork, and it remains the same until your mortgage is paid off. Joint coverage for spouses is also available.
Disability Insurance is important if your mortgage payments depend entirely or in part on your income. Disability insurance provides replacement income if an accident or illness prevents you from working.
Recently insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers the mortgage payments in the event that you involuntarily lose your job.
Some reasons to buy your own life insurance rather than mortgage insurance from Bank/lender. It is always better to discuss this with your Insurance Advisor:
Call Amit if you are thinking to buy /sell a resale home /condo or a new builder apartment in Mississauga area. Amit will assist with your home insurance needs and refer you to home insurance and life insurance professionals.