Homeowners insurance

Description

Homeowners insurance

Pays for losses and damage to the property if something unexpected happens, like a fire or burglary. Standard homeowners insurance doesn’t cover damage from earthquakes or floods, but it may be possible to add this coverage. Homeowners insurance is also sometimes referred to as “hazard insurance.” Borrowers with a HECM loan are required to maintain homeowners insurance in addition to the mortgage insurance that is also required with a reverse mortgage loan.