Having the right kinds of insurance — including good medical, disability, automobile, homeowner, long-term care, life, and even travel insurance — is key to good financial planning. This page about insurance gives you the lowdown on how to successfully navigate the often perplexing world of insurance coverage.
Landlord Tosses Storage Unit Contents
A renter's storage locker contents is mistaking thrown away by the landlord. The landlord's insurance doesn't cover such a liability, and offered the renter half of the value of the lost items. The renter could now go after the landlord in small claims court or hire a litigation attorney.
Explaining Private Mortgage Insurance
Private mortgage insurance (PMI) helps first-time buyers purchase a home without having saved the requisite 20 percent in cash for a down payment. However, consumers have complained that lenders are making it even more difficult to cancel PMI. If you are paying down the principal loan balance, you'll be able to cancel your PMI once you've reached the magic 20 percent equity in your home, and if you have an excellent payment history. But, if you are trying to cancel your loan based on price appreciation, you'll have to jump through some additional hoops, in addition to paying for the appraisal.
Title Insurance May Protect Lender And Buyer
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home, it's a good idea to get an owner's title insurance policy too to protect you.
Necessary Insurance Coverage And The Common Mistakes
Having the correct insurance coverage will help save you when you need it most. Whether you rent or own, buying homeowners or renter's insurance is a necessary part of life. If you rent, you need to protect yourself in case your belongings are damaged or stolen. If you own your home, you need to protect yourself financially should something happen to your home. What other kinds of home-related coverage do you need? You may need personal property, personal liability, or homeowners insurance. Make sure you don't fall into these common insurance mistakes.
Soon It Will Be Possible To Get A Loan From Your Local Insurance Agent Or Tax Preparer
Is an insurance company or tax preparer the best place for consumers to get home loans? That will depend on the quality of the company doing your home loan. But if a huge company like State Farm gets in the home loan game, you can be fairly certain they'll show up with the cash at closing.