National City Mortgage Insurance Options
You save and save to buy a brand new car, so you wouldn’t
drive it off the lot into busy rush hour traffic with no insurance
would you? Well the same goes for buying a home. You spent
many hours searching for the house, filling out paperwork,
negotiating contract terms. All in all, it is a mighty big
investment. So now that you have found the home of your dreams,
it is time to protect the investment you made by purchasing
some form of insurance.
National City Mortgage offers a variety of insurance plans
to protect the mortgage on your home. The first is the most
popular and that is homeowners insurance. This type of insurance
protects your home and anything in it from loss due to theft
or destruction. With tornadoes, hurricane, flooding, ice storms
and more, it is imperative that you protect your home with
homeowners insurance. A National City representative will
help you decide how much insurance you should obtain and what
the terms and conditions of the contract need to be.
One specific type of homeowners insurance that is necessary
to buy in addition to the traditional home insurance is flood
damage insurance. Many areas of the country are hit hard each
year by hurricanes, rain and subsequent flooding. These areas
do not include flooding as part of their homeowners’
insurance conditions because it is too expensive to include
on the plan. So the borrower must buy additional insurance
to protect against flooding.
If you are buying a home that and put down less than the
standard down payment, or if you take a mortgage out on a
home that is above standard lending regulations, you may be
asked to purchase private mortgage insurance. Since the transaction
is larger than normal, this type of insurance protects the
lender should you not be able to make your mortgage payments.