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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 […]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 outline that will hopefully alleviate some of the confusion. I. Fire, Hazard, or Homeowner’s Insurance. These terms are used interchangeably even though they are not […]Read More