Tag Archive for: homeowner’s insurance

Understanding Hazard Insurance: Your Guide to Protecting Your Home

Hazard insurance, also known as fire insurance, is a specific part of a homeowners insurance policy that provides coverage for the physical structure of your home against certain risks, such as fire, windstorms, or vandalism. This type of insurance is commonly referred to as part of homeowners insurance; however, it's important to understand that hazard insurance strictly pertains to the protection of the physical structure of your home, not including the personal contents inside or any liability coverage.Read More

Hurricanes, Tornadoes, Fires & Sky-High Hazard Insurance Costs! Beware! SOLUTIONS!

Insurance matters so much right now for those of us in the mortgage and real estate industries because the sky-high rates are killing transactions. This is both because buyers are walking away from properties when they see how much their insurance premiums will cost and because borrowers sometimes lose their ability to qualify solely because insurance payments end up much higher than expected.Read More

Do I Need Home Insurance for Renovations?

Home renovations are an exciting venture for homeowners. But along with the thrill of seeing your home transform, there comes the responsibility of ensuring its protection. A common question many homeowners ask is, "Do I need home insurance for renovations?" Yes, you do. Let JVM Lending guide you through the nuances of home renovations insurance to ensure you’re always covered.Read More

California’s Homeowners Insurance Debacle Explained; Solutions Too

I was in Sacramento last year and I overheard this conversation with California’s Insurance Commissioner and his friend Bob. Insurance Commissioner:  “Bob, what can I do to punish consumers as […]Read More

What Every Homebuyer Must Know About Hazard Insurance & Mortgages

Here are a few tidbits about Hazard Insurance, something that is required with every mortgage. Hazard insurance is also known as fire insurance and homeowners insurance, and it should not be confused with mortgage insurance, which only covers the mortgage and not the dwelling. Lenders require the “Dwelling Coverage” to match or exceed the lower of the loan amount, or the replacement cost estimate.Read More

What Is The Average Cost Of Homeowner’s Insurance?

Homebuyers are typically required to obtain homeowner's insurance in order to get their mortgage approved and funded. The average cost of homeowner's insurance in California is $1,166 annually or approximately $97 per month in 2020. California boasts the second-cheapest homeowner's insurance rates nationwide, which is a huge boon for California homebuyers. In Texas, the average annual premium for homeowner's insurance is $3,429, or about $286 per month.Read More

Insurance & Mortgages; What Is Required? What’s It For?

There is often confusion in regard to all of the insurance that borrowers either should have, or are required to have, when they finance a home. Here is a brief […]Read More