Thursday, June 19, 2014

Homeowner's Insurance Required By Lenders

If you are buying a property using a mortgage, you will be required by your lender to carry homeowner's insurance.  This is because the property is acting as collateral for the loan, so if the property is destroyed or damaged, any insurance proceeds will first be paid to the lender until their interest is covered, then any additional proceeds will be payable to the buyer.

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