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What Does (And Doesn’t) Homeowner’s Insurance Cover? 

April 24, 2020 By Flor Caballero Lynch

houses-2230817_960_720If you have a homeowner’s policy you will know that there are different types of coverages that exist—but an interesting fact is that J.D. Power & Associates did a study in 2019 and found that 52% of policyholders didn’t know what their policy actually covers! And that meant that homeowners didn’t know both what is covered and what coverages they should actually have for themselves!

Policies usually have Dwelling Coverage as the main part of a policy—which covers your home! Personal Property Coverage, which covers things you own within your home. And Other Structure Coverage, which covers other buildings on your property such as a garage, driveway, fences—anything that isn’t created by nature that is on your property pretty much!

There is another component that is usually a part of a Homeowner’s Insurance policy, and it is very beneficial: Personal Liability Coverage! If you had someone get hurt on your property and it was your fault you would be covered—or if you damaged someone else’s property, you would be covered! It can cover legal fees too!holiday-house-177401_960_720

What isn’t covered on a standard policy is a bit confusing too since you will probably think you will be covered if one of these happens! Acts of God such as earthquakes and flooding are usually not covered, if the sewer backs up into your house you probably aren’t covered, or things like mold/termites in the walls of your home! To get these covered you will have to get a separate policy in order to do so!

What this all means is you should talk to your insurance agent and carrier about everything that you want covered and what policies you will need to get to cover any gaps in coverage! Never be afraid to ask!

Filed Under: Homeowner Insurance, Insurance Tagged With: home, homeowners insurance, house, insurance, summer

Private Mortgage Insurance with Mortgage Protection Insurance

August 23, 2019 By Flor Caballero Lynch

financing-3089937_960_720Say you want to buy a house you really like, but couldn’t get together such a large down payment—you could get a Private Mortgage Insurance policy along with your mortgage and get into your house without waiting and saving over a long period of time! You’ll be able to get into the home that you really wanted!

If you were the cautious type, and want to make sure nothing happens to your house–you also could get a Mortgage Protection Insurance Policy! By doing this you are making sure that you won’t lose your house if you are injured or dead, giving you the ability to leave something of value, your home, to your family if something were to happen!

After a few years of paying down your mortgage, you will finally come to accounting-761599_960_720the realization that you are above 20% equity paid into the house! That’s when you get rid of your Private Mortgage Insurance policy and you’ll only have your Mortgage Protection Insurance policy (And your mortgage too of course!) to pay for from here on out! Give it a shot and feel good knowing your home is protected!

Filed Under: Homeowner Insurance, Insurance Tagged With: home, house, insurance, mortgage protection insurance, private mortgage insurance, protection

Mortgage Protection Insurance Is A Great Way to Reduce Your Risk

August 16, 2019 By Flor Caballero Lynch

real-estate-475875_960_720If you know you have found the house you plan to stay in until you grow old—you should definitely consider getting Mortgage Protection Insurance! Another scenario to consider is if you have a large amount of equity in a property and are still paying your mortgage, you’ll want to make sure it is secure using Mortgage Protection Insurance if anything were to happen to you!

If you have a high risk profession, such as military, police, firefighting—it is also worth considering getting a Mortgage Protection Insurance Policy to protect your house if you get injured, fall ill, or die. If you have a family this is especially paramount andarchitecture-1836070_960_720is always worth consideration! Since you are protecting others and their assets, shouldn’t you also protect your own assets?

It will be an extra cost on top of your mortgage each month—but if you want to ensure you keep your property for your family when you pass away or become injured then it is a great idea to get a Mortgage Protection Insurance policy for your home!

Filed Under: Homeowner Insurance, Insurance Tagged With: home, house, insurance, mortgage, mortgage protection insurance, private mortgage insurance, protection

What Is Private Mortgage Insurance?

August 9, 2019 By Flor Caballero Lynch

houses-1150022_960_720Private mortgage insurance, often called ‘PMI’, is a type of mortgage insurance you might be required to pay for if you have a conventional mortgage and are unable to make the full 20% down. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan!

Banks like PMI because it drastically reduces their potential foreclosure costs and potential losses and makes them more willing to accept less than the required 20% on the down payment! But always remember, as mentioned before, that you will still need to keep up with your mortgage payment with this kind of insurance—it will protect the bank’s investment and not house-1407562_960_720yours!

There is a silver lining to this type of insurance–instead of having to spend a whole lot more money than you have to on a 20% down payment, or having to wait longer to get into a house due to the long grind of building a savings account, you can get into the house you want with Private Mortgage Insurance!

Filed Under: Homeowner Insurance, Insurance Tagged With: home, house, insurance, pmi, private mortgage insurance

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Think Insurance, Think Flor

4420 N. Mesa St
El Paso, TX 79902

(915) 996-9799
FAX: 1-866-514-3064

flor@florinsurance.com
www.florinsurance.com

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