UG Insurance Brokerage Inc Blog
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:
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.