Contact Us: (718) 848-7777
UG Insurance Brokerage Inc
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Commercial Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Commercial Auto Insurance Quote
      • General Liability Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Medicare Advantage Plan Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Commercial >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Commercial Auto Insurance
      • General Liability Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Medicare Advantage Plans
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
      • Travel Insurance
      • Umbrella Insurance
      • Wedding Insurance
  • About
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
    • FAQs
  • Business Directory
  • Contact
  • Quotes
    • Auto Quotes >
      • ATV Insurance Quote
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Roadside Assistance Quote
      • Motorcycle Quote
      • RV Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Earthquake Insurance Quote
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
    • Commercial Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Commercial Auto Insurance Quote
      • General Liability Insurance Quote
      • Group Benefits Insurance Quote
      • Insurance Bond Quote
      • Workers Compensation Quote
    • Health Quotes >
      • Health Insurance Quote
      • Critical Illness Insurance Quote
      • Dental Insurance Quote
      • Medicare Advantage Plan Quote
      • Medicare Supplement Coverage Quote
      • Vision Insurance Quote
    • Other Quotes >
      • Boat Insurance Quote
      • Event Insurance Quote
      • Umbrella Insurance Quote
      • Travel Insurance Quote
      • Wedding Insurance Quote
  • Service
    • Report a Claim
    • Update Contact Info
    • Policy Changes
    • Online Documents
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
      • Roadside Assistance
      • RV Insurance
    • Property >
      • Home Insurance
      • Earthquake Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
    • Commercial >
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Commercial Auto Insurance
      • General Liability Insurance
      • Group Benefits
      • Insurance Bonds
      • Workers Compensation
    • Health >
      • Health Insurance
      • Critical Illness Insurance
      • Dental Insurance
      • Medicare Advantage Plans
      • Medicare Supplement Coverage
      • Vision Insurance
    • Other >
      • Event Insurance
      • Travel Insurance
      • Umbrella Insurance
      • Wedding Insurance
  • About
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Newsletter Signup
    • Blog
    • News
    • FAQs
  • Business Directory
  • Contact

UG Insurance Brokerage Inc Blog

How Do Mortgage Protection Policies Affect Homeowner Insurance?

7/23/2020

0 Comments

 
Picture
​If you're buying a home, it is safe to say that you will have to pay for a mortgage down the line. Mortgage protection policies will help you well in case you have to default and not be able to pay for whatever reason. It will make payments easy on your pockets.
Understanding Mortgage Protection Policies
Mortgage policies protect the lender from dealing with unpaid mortgages for the property sold, while Homeowner Insurance is for the owner from paying in increments regularly. The question is, how does it affect homeowner insurance? Will you be able to get both, or do you have to choose one or the other?

The answer is yes. You can get both. However, you might need to choose mainly because one of these policies protects homeowners more than the other. Mortgage protection policies gear towards safeguarding the lender more than the homeowner, while homeowner insurance protects the property itself and the policyholder as well.

So how do mortgage protection policies affect homeowner insurance? It will change the latter in a few possible ways as follows:
  1. Both Help Pay for Mortgage and Give Protection
    First, it will help you pay for the mortgage in case you don't have the funds to spend anymore. Homeowners insurance will protect you from paying for damages in case of calamities. Mortgage protection will help you pay for the property itself.

  2. It Helps Cover the Remaining Down Payment Charge
    Secondly, mortgage protection can also help the lender out. If in case the owner cannot afford to pay more than 20% down payment, mortgage protection policies will be able to help you out.

  3. Paying for Both Together
    If you apply for mortgage and homeowner insurance together, you may be able to get discounts. By bundling the two together, you will be able to pay a much lower rate than if you have to pay them separately.

  4. Each State Can Offer Discounts
    Depending on the State, you may be able to get discounts as well. There are specific state laws that help protect homeowners from having to pay expensive insurance fees. You should consult your local insurance agent for more details about this.

  5. Each Policy Offers Different Beneficial Insurance Features
    Lastly, you have to make sure that you can read up on each of the main features that these insurance policies offer. This way, you will know what you're getting yourself into when it comes to benefits and advantages.
​
Conclusion
Note that homeowner's insurance policies have more benefits for you as the homeowner. Mortgage protection tends to side with the lender in case you default on property payments. However, getting both of these policies will still be beneficial for you down the line.

At UG Insurance Brokerage Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (718) 848-7777
    11429 Lefferts Blvd
    South Ozone Park, NY 11420​​
    Click Here to Email Us

    Archives

    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020

    Categories

    All
    Auto Insurance
    Business Insurance
    FAQs
    Financial
    General Liability Insurance
    Health Insurance
    Home Insurance
    Insurance
    Life Insurance
    Local
    Mortgage Protection Insurance
    Safety
    Workers Compensation

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

UG Insurance Brokerage Inc
11429 Lefferts Blvd
South Ozone Park, NY 11420​
(718) 848-7777
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash