Homeowners Insurance Information
When you insure your home, you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. For the best coverage for your property consult your insurance agent.

• Reminder – your insurance must be in effect prior to your loan closing.

Private Mortgage Insurance (PMI)
Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and allows mortgage companies to accept lower down payments than would normally be allowed.

PMI Cancellation
Mortgage insurance can usually be canceled by the home buyer after he or she has at least 20 percent equity in the home.

Title Insurance
Title insurance protects the insured party from defects in title to the real estate being covered.

Issuance of Title Insurance Policy
An owner's policy protects only the owner while a mortgage policy protects only the holder of the mortgage on the property. Separate policies are required to protect both interests.

Flood Insurance
Flooding is not covered by a standard homeowner’s insurance policy. If your property is located in a flood zone, flood insurance may be required. If required, policy must be in place prior to your loan closing.