When you use a debt consolidation loan, you will have lower interest rates and your monthly payment will be made every month, your debt will be paid off in much less time than you could pay it off on your own.
|
Insuring Your Home
One of the costs involved in buying a home, an ongoing cost, is Homeowner's Insurance. Virtually all mortgage lenders require that a home be insured and for your peace of mind, you will want to fully insure your investment.
There are seven basic types of home insurance policies that do not vary in most locations in the United States. Here we've given a fundamental description of each.
HO-1 - Basic Homeowner
This is a very basic plan. It provides protection against a limited list of perils, including:
- Windstorm or hail
- Explosion
- Fire or lightning
- Riot or civil commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism
- Theft
- Volcanic eruption
HO-2. Basic Homeowner - Level 2
This adds several covered perils to those in the Ho-1 plan:
- Falling objects
- Ice weight
- Snow or sleet
- Water-related
- Electrical surge
HO-3. Extended Homeowner - Level 3
Protection against losses due to the perils covered in HO-1 and HO-2 plus any other peril not specified in your policy. The exceptions are flood, earthquake, war and nuclear accident.
HO-4. Renter's Insurance
Basic Insurance to cover 17 listed perils.
HO-5. All Risk Coverage - Building and Personal Property
This is an obsolete form of coverage, not often provided.
HO-6. Condominium
Personal property protection against listed perils plus some building specific perils.
HO-7. Basic - Older Home
Covers eleven basic perils but at actual cash values or repairs, not rebuilding costs
Talk to your insurance agent to decide which plan is right for you.
Lenders | Buyers | Agents | Home
Find An Agent | Home Mortgages | Mortgage Rates | Home Equity | Mortgage Primer | Loan Toolbox | Mortgage News
Insurance | Preparing | The Process | Tax Benefits | Refinance? | Mortgage Types | Articles | Site Map | Glossary | Contact
Site copyright© 2002 -2008 Real Estate & Mortgage Resources. All rights reserved.
|
|
