If you are a homeowner or planning to buy a home, you may have heard of home and mortgage insurance. But what are they and why do you need them? In this article, we will explain the basics of these two types of insurance and how they can protect you and your investment.
Home insurance is a policy that covers your home and its contents from damage caused by fire, theft, vandalism, natural disasters, and other perils. Home insurance can also cover your liability if someone gets injured on your property or if you cause damage to someone else’s property. Home insurance is usually required by your lender if you have a mortgage, but it is also a smart way to safeguard your most valuable asset.
Mortgage insurance is a policy that protects your lender in case you default on your loan. Mortgage insurance is usually required by your lender if you have a low down payment (less than 20% of the home’s value) or a high loan-to-value ratio (more than 80% of the home’s value). Mortgage insurance can lower the risk for lenders and make it easier for borrowers to qualify for a mortgage. However, mortgage insurance does not cover you or your home; it only benefits the lender.
The cost of home and mortgage insurance depends on various factors, such as the value of your home, the amount of your loan, the type and level of coverage, the deductible, the location, and your credit score. You can shop around for different quotes from different insurers to find the best deal for your needs. You can also lower your premiums by increasing your deductible, improving your credit score, installing security systems, or making home improvements.
Home and mortgage insurance are important tools to protect yourself and your lender from financial losses. By understanding how they work and how much they cost, you can make informed decisions about your home purchase and ownership.
Here are a few things our customers have said about us on Google Reviews.
Felicia Schnuelle2025-03-06Trustindex verifies that the original source of the review is Google. My husband and I have worked with Micah for years now and he has never let us down. I have also recommended him to multiple friends and family and there has never been a complaint. He works hard to get you the best deal in a timely manner. I will continue to recommend him to anyone that needs help finding insurance. Cindy Mejia2025-02-26Trustindex verifies that the original source of the review is Google. A HUGE THANK YOU TO TRINITY PIGOTT WHO HAS BEEN A TREMENDOUS BLESSING TO MY FAMILY AND MYSELF Thank you Dayna Schmidt2025-02-15Trustindex verifies that the original source of the review is Google. I’ve been using Luke’s team for a few years now. Fast, efficient, and always explains things clearly. Highly recommend for those too busy to shop around on their own! Endy Martinez2025-02-13Trustindex verifies that the original source of the review is Google. I think they attend to you very well. Raymond Calderon2025-02-12Trustindex verifies that the original source of the review is Google. Mr. Jesus Chavero is very professional. He listens to his customers needs and offers a great solution. Great service every time. I highly recommend his services to everyone. Krystal Troup2025-02-11Trustindex verifies that the original source of the review is Google. Thank you Kristin Jones for always helping me with all my insurance needs. She is so AMAZING I refer her to all my family, friends, co- workers and even random people looking for new insurance. Amber Durham2025-02-03Trustindex verifies that the original source of the review is Google. I’ve had the pleasure of dealing with Trinity for years, for multiple of my car insurance and also home insurance. She’s incredibly responsive, nothing is ever too much and she makes everything such an ease. So grateful to have been recommended her. Thank you Trinity!! Chris Molina2025-01-30Trustindex verifies that the original source of the review is Google. Very satisfied working with Micah he made everything really simple and saved me tons of money a year I highly recommend Jessica Carollo2025-01-30Trustindex verifies that the original source of the review is Google. Working with Micah is so easy! He answers all of my questions quickly and gets quotes quicker than I have ever experienced anywhere else. Outstanding customer service and he now has a customer for life! Michael Stephenson2025-01-30Trustindex verifies that the original source of the review is Google. This professional went above and beyond to get me the best deal. I’m a client for life. No Joke!