A Homeowner policy is an expanded Standard Fire Insurance Form with built in endorsements and added coverage. Lenders usually require a Homeowner Insurance Binder or Certificate of Insurance, by the closing date, if the insurance isn’t in place then the sale of the house won’t close. Lenders won’t pay for property that’s not properly insured, and some lenders may require specific types and coverage amounts to be sure they don’t lose money if there is a disaster. Many states also require Homeowners have additional specific types of insurance, such as earthquake or flood insurance if the risk is greater. The … Continue reading →