Category: Step 1: Find Your Dream Home | Tags: Insurance, MLTA, MRTA
Looking to protect your first home with insurance? Awesome! But hey, life's full of surprises, and your coverage might need to grow too. Remember to always have a solid plan, and make sure it can handle whatever life throws your way. I'm here to help you set up a policy that's got your back, no matter what comes your way!
How Can I Protect My Home?
When you buy a home, your loan can last up to 35 years! So, having home insurance is like having extra protection. It helps if something bad happens before you finish paying for your house. Home insurance keeps you safe from things like “Deaths or Accidents” and “Disaster or Theft”.
Which Type of Home Insurance Suits My Situation?
Home insurance options are a bit like selecting from two different flavors of ice cream which includes Mortgage Reducing Term Assurance (MRTA) and Mortgage Level Term Assurance (MLTA). Just as each flavor has its distinct taste, these insurance choices come with their own unique features. Let's take a closer look at how they compare!
Note: MRTA: Make sure there is a will stating who will be inheriting your home! If the loan borrower passes away while the home is still under construction, things might get complicated.
How useful was this post?
Click on a star to rate it!
Average rating 4.2 / 5. Vote count: 15
No votes so far! Be the first to rate this post.
We are sorry that this post was not useful for you!