Mortgage Life insurance and home insurance


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arcrave   
Member since: Mar 05
Posts: 93
Location:

Post ID: #PID Posted on: 08-03-07 23:34:30

I was talking to my insurance agent for home insurance and she mentioned that home buyers have to take mortgage life insurance its mandatory. Lenders won't give without that ... Wondering if its true ??

Second part of my question is I am getting following quotes for my home insurance ( basically 3 packages )

a) $80 for basic home insurance ( covers fire, theft, sewage backup etc with 1000 deductible, 1 million liability )
b) $120 for basic home and mortgage life insurance
c) $147 for basic home + mortgage life insurance + illness

wondering if anybody has better rate/referral etc

Thanks



investpro   
Member since: Nov 06
Posts: 1628
Location: carl sagan's universe

Post ID: #PID Posted on: 09-03-07 00:27:02

Quote:
Originally posted by arcrave

I was talking to my insurance agent for home insurance and she mentioned that home buyers have to take mortgage life insurance its mandatory. Lenders won't give without that ... Wondering if its true ??

Second part of my question is I am getting following quotes for my home insurance ( basically 3 packages )

a) $80 for basic home insurance ( covers fire, theft, sewage backup etc with 1000 deductible, 1 million liability )
b) $120 for basic home and mortgage life insurance
c) $147 for basic home + mortgage life insurance + illness

wondering if anybody has better rate/referral etc

Thanks



Life insurance is not mandatory to get a mortgage. This has been said several times before on this site by numerous other posters, so please do a search to corroborate this statement.

What sum do you wish to insure and what is your age so we can tell you if rates are competitive.





JRF   
Member since: Jul 04
Posts: 1853
Location: GTA, Ontario

Post ID: #PID Posted on: 09-03-07 07:08:01

Yours sounds bit expensive.

- Home Insurance is about $40 for me if I also buy my Car Insurance. This is for $350 home.

- I don't think the property insurance company is much worried about the mortgage / life insurance, if they are it might be a sales pitch really. Even the lender doesn't need to worry about Mortgage / life insurance but the property insurance.

- I've sought a term insurance which cost me about $35 for 20 years to cover the value of my home. I am one who strongly disbelieve the insurance industry (esp.., life insurance), coz its really a battle to get the benefits, so I keep it minimum.


-----------------------------------------------------------------
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The weak died on the way,
Only the strong arrived.
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arcrave   
Member since: Mar 05
Posts: 93
Location:

Post ID: #PID Posted on: 09-03-07 10:38:38

Send me PM with your phone # and I will call you to give you more details

Thanks





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