February 26, 2010, Newsletter Issue #43: Mortgage Requirements For Insurance

Tip of the Week

When you are buying a house you are most likely looking for homeowner’s insurance policies at the same time. For one, it is simply a smart thing to do. But there is another reason. Many banks will require you to buy home insurance in order to get a mortgage.

The bank may require a minimum amount of insurance you are expected to purchase in order to be approved for a mortgage, so make sure you know what that figure is when you start your search. In most cases, the minimum amount the bank wants you to purchase is for the total amount of your mortgage. Remember, it is an investment for them as well.

Once you know what the bank requires for the mortgage, start getting free insurance quotes online from several providers. A good place to start doing this is QuoteScout.com. That way you can get quotes from several different providers and compare them. They can then guide you through the process of how to buy homeowner insurance.

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