"What is this? And am I required to have it?"Check with the agent that insures your vehicle. You can usually get a better discounted rate by insuring your car and vehicle with one company.
You will likely want homeowner's insurance whether the lender requires you to have it or not. After all, you will be owning a valuable asset that you will also be living in. If your home burns down, where will you live? And how will you rebuild?
Homeowner's insurance can vary from locale to locale. It all depends on what the insurance will be covering as well as where the home is located.
The Lender always requires that the Homeowners Insurance covers at least the amount of the loan.
Check with your lender for additional requirements.
Homeowners insurance is one thing a homeowner can't afford to skimp on. Aside from being a lender requirement, a good policy can go far in protecting you in the event of a major loss. Even a minor loss can set you back some money and peace of mind. Lenders will require that you have enough insurance to cover the cost of the loan. Talk to a good independent agent to see what replacement cost values are in your area. See what is offered to protect your home in the event of a catastrophe or liability for an injury to a visitor to your home. Play it safe for yourself and your family.
Yes, it is a requirement to have homeowner's insurance. Basic insurance usually only needs to cover the cost of replacement of the structure.
Insurance that covers damage to the insured's' residence and liability claims made against the insured subject to the policy terms, conditions, provisions, losses not insured provision and exclusions.
Home Owner's insurance is also referred to as Hazard Insurance.
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