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Someone just emailed me to ask about the differences in real estate insurance.

Let me clarify when buying a home there are many different kinds of insurance.

1. Hazard/Fire Insurance-required to have, protects you for fire and wind, extra coverages can be added as needed or required, flood, earthquake, upgraded coverages,etc.... Paid in your monthly payment on VA, FHA, and most less than 25% down LTV Conv loans.

2. PMI/with MIP- Private Mortgage Insurance- Required on CONV and FHA Loans usually where the buyer puts down less than 20% -its purpose is to help the lender if the buyer defaults on the loan-the premium is charged in to the monthly payment until the home has about 78%-80% equity and then it goes away. MIP-Mortgage insurance premiumis the set up fee for the PMI paid with closing cost or financed in to the total loan.  You can talk to lenders about split loans 80/20, 80/10/10, to help avoid paying PMI AND MIP 

3. Mortgage Protection InsuranceMPI- Is optional usually can set this policy up after you have closed on the home. This insurance will pay off balance of mortgage in case of deaf. Check with your mortgage provider to see what company they would recommend.

For help finding an insurance providers in the Hampton Roads Area give me a call,

Dee Dee Jones

http://DJonesSellsHomes.com

The Hampton Roads real Estate Lady

THE HAMPTON ROADS REAL ESTATE LADY!

Call me to buy a home in any Hampton Roads area: Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Newport News, Hampton, Williamsburg, and now serving York County and the Peninsula.                                     

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Deandrea "Dee Dee" Jones                                                          

Associate Broker / Recruiting Sales Manager Peninsula    

Blu Skyy Realty   Virginia Beach, VA 

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2 Comments on Real Estate Insurance for Hampton Roads Homebuyers

NOV
18
2008
1,141,468 Points 76 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Dee Dee:  Don't forget renters insurance.  It really is so inexpensive and required by many leases.

3:12pm • #1
DEC
15
2008
9 Featured Posts

Hi there Dee Dee!

You commented on one of my blogs, and I appreciate it!   Whenever anyone does, I check THEM out as well!  I am very good to my customers, and it sure looks like you are too!   Way to go!!  I think too often in this business people dont get the gratitude, and pat on the back that they really deserve!  Whether they are a realtor, or a lender, they are people too!  Our paycheck quitehonestly, should be enough of a thank you, if you dont intend on working with them in the future...which sadly, until recently was the goal of many lenders, and some realtors in this line of work!

I liked your blog on insurance, and think it is an important part of the realtor, lender , relationship!  This is the lenders territory, and it is too bad you have to delve into your lenders side of the relationship to keep YOUR professionalism that high!  I wish I lived nearby, and I would love to be your lender choice!  I even provide the realtors in my network and free, completely unique newsletter to send to custsomer, that includes things, just  like this insurance issue which is very important!!!!

One of the comments on your blog, added renters insurance to the list!  Well, I live a hugely condo area, and I would add CONDO insurance to the list!  Too often, people don't realize that even though the condo insurance insures their home, they don't need other insurance!  It is too late, when they find out that their tv, belongings, etc...are not convered when their is a loss!  Generally, this insurance is very cheap!  Say, around 150 bucks a year...and actually can be double off the associations insurance! 

Anyway, keep up the good work!  I am fairly new to AR, but have 20 years in the lending industry!
Great attitude, and information!

Darin

One Source Mortgage, LLC

2:01pm • #2

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DeAndrea "Dee Dee" Jones

Chesapeake, VA

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