Realty ONE Group
Julia St. Marie, ABR, RRG, RSPS      702-355-H-O-M-E [4663]
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Insurance Made Simple

INSURANCE MADE SIMPLE

Below please find INSURANCE MADE SIMPLE:  This is an overall general view but not limited the insurances that a new owner may want or need to consider. 

Hazard Insurance:  Also known as homeowner's insurance.  A policy that combines protection against damage to a dwelling and its' contents with protection against claims of negligence or inappropriate action that results in someone's injury or property damage.  Homeowner's insurance provides fire, theft and liability coverage. Homeowners' policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment.

Buyer's Title's Insurance:  Insurance that a buyer will purchase to guarantee the lender good title of the property; hence, protecting against any claims that arise from arguments about ownership of the property.

Owner's Title Insurance:  Insurance that a seller will purchase to guarantee the buyer good title of the Property.... hence protecting against any claims that arise from arguments about ownership of the property.  It is customary practice that a seller pay for this insurance.

Insurance coverage within the HOA: Insurance on the structure of the property, the common walls.  This is usually included within the HOA monthly fees.

Home Warranty:  Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance. Coverage extends for a specific period of time.

Flood insurance: Generally required in high-risk flood-prone areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents.

Private mortgage insurance (PMI):   Insurance that protects lenders if you default on your loan. With conventional loans, mortgage insurance is generally required if you do not make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

Mortgage Insurance Premium (MIP):  Mortgage Insurance that is financed into the loan amount on FHA and VA Loans.  

Buyer should seek and communicate with their individual insurance provider of their choice to fully understand the complete and detailed aspects of their individual insurance coverage.

Should you or your friends/family have any questions about Las Vegas Real Estate, please feel free to contact me at anytime.....thanks and have a great day!  

Julia St. Marie, ABR, RRG, RSPS, Certified REO Specialist
702-355-H.o.m.e. [4663]
Las Vegas Realtor
  Attentive, Knowledgeable, Honest and Caring

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