So when you buy a house, insurance is mandatory. And plus you want insurance if something happens to your home, we need a way to pay for it, right? So when you're buying a house, regular homeowners insurance is called hazard insurance because it's against primary hazards, like a fire is the biggest one. So you might hear it as called homeowners policy and you might listen to it as a hazard policy.
Now, flood insurance is based on if the house floods. So it's not if it floods from interior plumbing. If your house has a pipe burst, that's usually covered. Flood insurance is exterior rain. So if there's a flood from a natural event, then that is where flood insurance comes into play. Now flood insurance covers only up to $250,000 of damage.
#homeowners #floodinsurance #loanwithjen
11 окт 2022
