The purchase of a home is the most important asset not only in regards to dollars and cents but also in the fact it is the place you reside. Insurance is a must to protect your largest asset and yourself as well. Most mortgage lenders require some form of insurance equal to the amount of the outstanding mortgage or building value as a minimum. A Homeowner’s Insurance policy should also be considered to protect against the loss due to fire.
There are a wide range of insurance options available including Mortgage Insurance, Life Insurance (that covers the cost of the outstanding mortgage), Disability Insurance, Loss of Income Insurance, and Contents Insurance (which covers a wide array of losses that can occur with the ownership of a home). I suggest contacting your Insurance Agent to get the specifics of different policies available and the costs involved in protecting your interests.