Posted To: MND NewsWire
Most mortgages contain a requirement that the collateral property carry adequate insurance to cover repayment of the mortgage in the event of a loss. However, Edward Martinez, a technical trainer in CoreLogic's Insurance & Spatial Solutions department, writes in the company's Insights blog that what satisfies a lender may not be the best solution for the homeowner. The required insurance, generally called homeowner's insurance, is a package policy that covers both damage to property and legal liability for any injuries or property damage a homeowner, family members, or household pets may cause to other people. Martinez explains that there are eight levels of homeowner insurance . The most basic is HO-1 which covers only specific named perils; HO-8 is designed for older homes and usually...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2lWcEQ4
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