home Owner Insurance
Insurance is an inseparable component of the home buying process. It is compulsory requirement that lenders require at the inception of the home finance application.
Insure Your Home
& Protect Your Valued Possessions
When applying for Home Finance. It is important for home buyers to note that part of the application process includes making provisions for Bond Protection, Home Owners Insurance and other insurance types which may be manditory requirements by banks and lending institutions to be in place before or after the home loan approval or granting.
Home owners insurance covers any destruction or damage that may occure to the interior and exterior of the newly acquired home, loss or theft of possessions, and includes personal liability for harm or injuries to others (third-parties).
Types of Insurance
Insurance may often be a compulsory requirement by banks and lending institutions for home buyers to have in place before or after the home loan application process. This normally includes the following types of insurance Home Owners Insurance – this type of insurance cover is used to protect the bank’s financial interest which results as a direct consequence of the the Home Loan Disbursement made to acquire of the new family home. It covers against the unforunate misfirtune occurances that may result to various types of losses, including loss due to theft of possessions or damage to the physical structure of buildings.
Other insurable perils that may also be covered under the same or seperate insurance covers include damage due to fire, plumbing faults and natural disasters alike (flooding, lightening strikes, land slides, earthquakes) etc.
