Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Mortgage Insurance and other Mortgages topics.
If you have a home that is financed through a lending institute you will need to carry a home mortgage insurance policy on the home. The requirements vary between each company as to what dollar amount of insurance needs to be on the home but the minimum amount is typically the payoff of the home.
With many companies you are offered a discount for carrying multiple insurance policies including your home mortgage insurance, vehicle, RV, motorcycle and even your boat insurance. This is a benefit to both you and the insurance agent to have all of these policies bundled together. With the bundling of two or more of the policies as long as one of them is a home mortgage insurance you will see a substantial savings on your overall policy, typically at least a 20 percent savings.
A typical home mortgage insurance rate will vary slightly for many reasons including what part of the country you are located in and the value of your home, just to name a few. Contacting your insurance company for a mortgage insurance quote will be the best way to see what you can afford and what you need for your area.