Insurance enthusiast Marcelline Edwards comments on property insurance and mortgage insurance which she says is a term policy that offers decreasing coverage
To clarify the ideas and what mortgage insurance comprises, insurance enthusiast Marcelline Edwards elaborates on the topic. As your mortgage value decreases over time, she points out that mortgage insurance is a term policy that offers decreasing coverage. Although mortgage protection insurance products have been around for a while, carriers have gradually begun to phase them out because most customers don't live in the same house for 30 years or refinance at some point.
She continues by discussing the term of property insurance and what are the requirements of the bank and owner. Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property.
Insurance Enthusiast, Marcelline Edwards
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