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What is Homeowners Insurance?
It covers your home, its contents, and you yourself in the event of a lawsuit. But what are the conditions attending this lawsuit protection? What are acceptable reasons for an insurer to non-renew your policy? What is your pet or your credit score doing to your premium? Of what should a home inventory consist and what is its necessity? To answer the sorts of questions that really matter, expert guidance is indispensable. Get more out of your premium dollar with an experienced, professional Pixel agent. Get the coverage that is right for you.
Understanding Homeowners Insurance
When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered from loss or damages, the bank may obtain one for them at an extra cost.
Payments made toward a homeowners insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.