|
Property Insurance Whether you pay cash or finance your property with a mortgage from Florida Mortgages International LLC, you'll need property insurance to protect your home. Property insurance is also known as "building insurance", "hazard insurance" and "home owner's insurance". These terms are used interchangeably. Property insurance is a package policy that combines more than one type of insurance coverage in a single policy. There are four types of coverage that are contained in the homeowners policy: dwelling and personal property, personal liability, medical payments, and additional living expenses. Homeowner's insurance, as the name suggests, protects you from damage or loss to your home or the property in it. Remember that flood insurance and earthquake damage are not covered by a standard homeowners policy. If you buy a house in a flood-prone area, you'll have to pay for a flood insurance policy that costs an average of $400 a year. The Federal Emergency Management Agency provides useful information on flood insurance on its website at www.fema.gov. A separate earthquake policy is available from most insurance companies. The cost of the coverage will depend on the likelihood of earthquakes in your area. The laws governing property insurance vary from country-to-country and even from state-to-state for property located within the US. The insurance laws of Florida provide that the lender may not require the mortgage applicant to take insurance through any particular insurance agent or company to protect the mortgaged property. The mortgage applicant, subjected to the rules adopted by the Insurance Commissioner of the State of Florida, has the right to have the insurance placed with an insurance agent or company of his/her choice, provided the company meets the requirement of the lender. The lender has the right to designate reasonable financial requirements as to the company and the adequacy of the coverage. It is important to note that if you are financing your property with a mortgage, the lender will require that the first year's insurance premium be paid in full prior to the settlement date with insurance coverage in effect no later than the settlement date. The State of Florida offers a website at www.shopandcomparerates.com for Florida homeowners to shop and compare property insurance quotes. The website is designed as a starting point to help you compare rates and to determine the importance of shopping around for the best policy to provide the coverage and terms you need to protect your home. On this site you will find average approved rates from a sampling of insurance companies for a typical Florida home. The typical rates quoted are not guaranteed rates and are only intended to demonstrate that rates vary significantly from company to company. You'll need to contact the insurance companies and agents of your choice to obtain a quote for your home. Florida Mortgages International LLC has no business affiliation with any particular property insurance company or agent. That being said, we are frequently asked for a recommendation. Whilst we want to avoid even the appearance of coercion in any way, we also understand the dilemma of the mortgage applicant shopping for professional services who is unfamiliar with the local area. Therefore, we will gladly provide contact information for several insurance companies and agents that have provided satisfactory service to our clients in the past upon written request.
|
