A burglary, fire or other unplanned events can be devastating to your home and family – this is why homeowner’s insurance is absolutely necessary. If something unexpected happens to your property, homeowner’s insurance will pay for your damages and losses. When you close your mortgage with vLoan, you are required to bring proof of homeowner’s insurance to the closing table before we seal the deal. If you have questions, feel free to contact one of our mortgage advisors at 1-844-77-vLoan.
So, what exactly does homeowner’s insurance cover? Standard insurance typically doesn’t cover natural disasters like floods or earthquakes you may be able to add that to your coverage. Most standard policies cover fire, windstorms, hail, lightning and vandalism. Dwelling coverage pays for repairs that include electrical wiring, air conditioning, heat and plumbing. Structural coverage pays for damages to sheds, fences, garages and cottages that exist on your property. Personal property coverage reimburses you for personal items (such as clothing, sporting goods, electronics and furniture) if they happen to be damaged, stolen or destroyed. Loss of use coverage pays your expenses for temporary housing if you are unable to remain in your home while it is being restored. Liability insurance protects you and your family against property damage or injury claims for which you are legally responsible.
Different homeowner’s insurance providers offer additional coverages you may need depending on your individual needs or location. Not all policies and coverages are the same or offered to everyone. Do your research and find the best plan for you and your family.
With vLoan, you may pay for your homeowner’s insurance as a part of your mortgage payment each month. Part of your monthly payment will be held in your escrow account to cover your insurance. vLoan pays the insurance regardless of whether something happens.
vLoan and your mortgage advisor want to make sure your property is protected, which is why you need to provide proof of your insurance at closing. Your lender will like you to be insured for at least the amount of the loan provided.
If you have any questions, feel free to contact our team of mortgage advisors today! Are you in the market to buy or refinance? Start the digital mortgage process today with a free online rate quote to compare your options. Follow vLoan on Facebook or Twitter to follow our monthly campaign, #ThankfulForvLoan.