Learn the Considerations for Homeowners Insurance

Video Transcript

I'm Romie Brown. On behalf of Expert Village, I'm here to discuss with you tips and tidbits on how to buy homeowner's insurance. In this final clip, we'll discuss with you the triangle of protections. We've talked throughout this series about protecting your home, the house. There's a few other angles, or I guess, legs of this triangle that we need to consider when it concerns homeowner's insurance. Most Americans, the home is their biggest investment. So, when we insure that home, there's two other sides of that triangle that we are not considering. What happens if the person who got the mortgage out passes away prematurely? Is it important for that house to stay in the family? That's one thing to talk to your insurance professional about, about getting mortgage life policy. Or just a life policy, to help cover that mortgage in case that person who holds the mortgage prematurely passes away. Now, let's make things a little happier: he didn't pass away, but let's say he or she becomes disabled and are unable to make the bills. Well, you also need to look at possible a mortgage DI policy - or Disability Income policy - to help pick up the slack while said mortgage holder is actually trying to recuperate to get back to work. If we protect a house and we protect the mortgage holder - that would be the mortgagee - on life insurance and also the disability insurance, then it forms a triangle of protection for that family to make sure that they stay in that house no matter what happens. You do a lot of research, a lot of looking at houses. And nowadays, internet looking and so on and so forth, to pick the right house. It should be that important to you to make sure you stay in that house. And if you so choose to leave, you leave on your own accord and not because of death or a disability to a loved one. I'm Romie Brown. Thank you.

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