The quest for a new home requires vast amounts of patience and dedicated time. Extensive research and judicious considerations are crucial to finding a house that warrants complete certainty in your final decision. However, some homeowners-to-be may be caught off guard by certain aspects of the house hunting journey. For instance, if you’re banking on a mortgage to fortify your buying power, your lender might demand home insurance. Is that standard practice for securing a mortgage, or is it an irregular requirement made by specific lenders? Here’s the insight into the association between home insurance and mortgages and how the Rich Insurance Agency LLC team in Kansas City, MO, can help you decipher it.
Is Home Insurance a Requirement? Generally, Yes.
If you’re in the mortgage market, it is reasonable to be engrossed in matters such as substantial down payments and favorable credit scores. Yet, don’t be surprised to find many lenders require home insurance. Why? Home insurance is akin to credit scores and down payments in that it provides a risk assessment measure and a layer of protection for the lender. While unanticipated and unwelcome, potential risks such as fires or plumbing malfunctions are realities, homeowners frequently cope with. Possessing home insurance means having coverage to front the costs of such unexpected incidents. Besides benefiting you by covering repair or replacement costs, it also assures your lender, enabling you to persist with your mortgage payments unhindered.
Discover Home Insurance Options with Rich Insurance Agency LLC
Are you house-hunting but need comprehensive home insurance to transform your aspiration into reality? Get started with Rich Insurance Agency LLC in Kansas City, MO. We’re here to assist you in crafting a policy that secures both your home and your mortgage. Compare quotes with us today!
