Home Owner's Insurance Mortgage Life Insurance
Home Closing Insurance
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.
Homeowner's Insurance
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
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.
Job Loss Mortgage Insurance
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.
Top reasons to buy your own life insurance rather than from
Bank/lender
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.
- Mortgage Insurance from Bank makes them the beneficiary.
- You might not be able to apply for more coverage than your
mortgage.
- Your coverage with a Bank/lender does not remain same. It
keeps on going down as your mortgage goes down even though you
pay the same premiums.
- Your premiums are not always guaranteed; being group
insurance, premiums might increase over time.
- When you change your mortgage lender, your insurance in most
of the cases is not portable and might cease to exist. Upon
switching to a different mortgage lender, premiums for the new
life insurance for the replacement mortgage will be based on the
current age (one will be older at the time) with higher
premiums.
- Your coverage does not go beyond your mortgage period.
- You might not be able to convert your plan into a permanent
life insurance.
Call Amit if you are thinking to buy /sell a resale home /condo or a new
builder apartment in Mississauga area. As your Realtor Amit
will assist with your home insurance needs and refer you to home insurance
and life insurance professionals.
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