How much mortgage coverage did you all get?

is it to cover the mortgage? or to cover actual cost of re-building?

I'm very confused. Thanks.

Re: How much mortgage coverage did you all get?

are you talking about insurance? It should be for the amount of the dwelling - how much the house would be to rebuild.

Re: How much mortgage coverage did you all get?

Home owners Insurance is to cover the cost of re-building......

If you buy a home for 500,000.00 you may only need 330,000.00 worth of insurance. Our insurance agent saved us a bundle, cuz we didnt get it either...... Ask your agent.

Use a reputable company..........

I was going to use a private broker and the wife got us a better deal from a Major company.
Good Luck!!

Re: How much mortgage coverage did you all get?

We paid $300K for our home and our mortgage insurance is for $230K which would cover the cost of rebuilding.
The assumption is that the land doesn't need insurance, just the dwelling and the cost to rebuild and refurnish.

Re: How much mortgage coverage did you all get?

Thank you all so much.

You would think I never owned a house before with all these questions lol

Re: How much mortgage coverage did you all get?

Also, we usually get our auto and homeowners separately (my DH is paranoid about getting insurance all under the same carrier.)

Other than discounted rates, what are other advantages?

Re: How much mortgage coverage did you all get?

I was going to do this but Got a better deal seperatly