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Cusack Insurance Agency

5700 W 95th St
Oak Lawn, IL 60453

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Should I Get Home Insurance From My Mortgage Lender?

If you’re buying a home, the mortgage company will likely be your biggest source of home insurance. The companies know what’s best for their customers, hence, they have competitive rates and high-quality coverage options. 

Getting home insurance through your mortgage company can save you money, especially if you have a jumbo mortgage and a large equity line. For expert advice in Oak Lawn IL, consult Cusack Insurance Agency. 

Should I Get Home Insurance From My Mortgage Lender? 

If you have home insurance, but looking to switch providers, then it is worth considering whether or not to keep your existing policy in place while you look for a new one. If you are happy with your current provider and they offer flexible payment options it may make sense to keep them in place while taking out a new one with another provider as well. 

This can allow you to spread out the payments on both policies until they come due for renewal so that you aren’t making two large payments at once. However, if either of those policies comes up for renewal before the other then it makes sense to cancel one or the other and move all payments over to your preferred provider. 

If you have a mortgage and are buying a home, it’s a good idea to shop around for home insurance and make sure you’re getting the best deal. Most mortgage companies can be a good option if you have a large mortgage and your house is worth a lot of money. 

In case you have a problem with your home or need to make repairs, the lender may not be able to help you. The mortgage insurance policy often covers the house for up to a specified amount, such as $100,000, in the case of a total loss. The value of the house may be lower than the mortgage, so you may end up paying a lot more than you need to. 

If the house is ever damaged and is no longer worth the amount of the mortgage, the mortgage lender may collect on the insurance to recoup their loss. Many mortgages require that homeowners carry insurance on their homes. 

Contact Us Today

When purchasing home insurance, you may have a different preference than the one used to secure your mortgage. If you are unsure whether or not to purchase your home insurance from the mortgage company or if you have any questions, please contact Cusack Insurance Agency in Oak Lawn, IL.

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