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Lara Sawyer asked:

Many people complain about mortgage insurance costs and how it turns mortgage payments too expensive. Few people know what mortgage insurance is and what it protects you from. It is not that people would stop complaining if they knew but at least they would try and find a suitable insurance company providing a balanced solution in terms of coverage and price.

Since the insurance market is highly competitive it is possible to obtain both a complete coverage and an affordable price. You just need to shop around and do not go for the first offer you receive. You may want to search on your own instead of hiring a broker but always remember that it is possible to obtain high quality mortgage insurance for a reasonable price.

Mortgage Insurance Concept

One of the main risks of mortgages is that if you fail to repay the loan which is secured by your property, then the property can be lost to repossession or foreclosure. Someone may be incapable of affording the mortgage monthly payments due to illness or unemployment. Mortgage insurance is meant to protect the insured from losing the property due to the above reasons or other by providing the funds needed to keep up with the monthly payments.

Usually, mortgage insurance starts payments immediately after the claim is processed and even if the claim is accepted some time after the illness started, the accident occurred or the lose of employment happened, insurance will cover for any previous payments that should have been made immediately after the claim was made so as to avoid damage to the insured’s credit.

Importance Of Retroactivity

Retroactivity of payments is a very important issue. If for any reason your mortgage insurance does not pay a due mortgage payment, there are many legal consequences that can affect your right to the property and your credit. Therefore you should check your policy to see which the requirements for filing a claim are and make sure to file it as soon as the event depriving you of your income occurs (illness, accident or unemployment).

Failure to do so can let the insurance company pay only for the mortgage payments due after your claim was filed and therefore you may have to pay the previous due and unpaid ones out of your pocket with your own savings if you have them. Or worse, the payment can be left unpaid affecting your credit and risking your property.

Obtaining A Cheap Mortgage Insurance Deal

Mortgage insurance does not necessarily have to be expensive. Truth is that since the insurance industry is extremely competitive, if you take your time to decide which insurer and which policy is best for you, you can get a great deal.

The best way to obtain a cheap mortgage insurance policy is to search around for different insurance companies and request quotes to analyze the offers. You can also hire an insurance broker which can do the job for you saving you the time and effort needed to achieve your goal: Obtaining an Inexpensive Mortgage Insurance.

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The New “Dolemite” asked:


I got layed off the first of October and now I’m needing medical insurance and life insurance. My Blue Cross Blue Shield medical insurance NOW will cost $900/ month since I’m no longer employed with the company I was working for and I was paying under $60.00/ month for the 4 years I worked for the company. Big difference isn’t it? Any suggestions? See, I’m on three different pills relating to my high blood pressure. I don’t need to run out or miss a dose for more than one day since I start feeling a headache from helll even after I take the pills. I have to stay on top of them; so, I need some insurance QUICK. Tell me your monthly rate along with the insurance company’s name, if you don’t mind. Thanks.

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stephaniencurtis asked:


my house burnt to the ground a week and a half ago, I was out of town and we lost everything we owned except some clothing. The fire marshal came out that night and told me that it was suspicious but the cause would probably never be determined. When I went in to see the insurance company they treated me like some kind of criminal, here I am having lost everything that I own. By the time I left I was just beside myself, they wanted to dig into every aspect of my life, they wanted me to go to the gambling boat and get a print out of how much money I have spent there. And they just kept saying, do you see why this doesn’t look good for you!!! Can they make me do things like that? They twisted around everything I said, THEN to top it off, he said that it would take a while to settle my claim becuase it was suspicious, when asked how long, he said, ” well it just depends on how much you turn in” Like if I don’t turn in all my personal property they will pay the claim!!
The fire marshall has ruled me out completely and the insurance company knows this, and the reason I am talking about a lawyer is to protect myself, not because they where “mean” to me. I just feel like they are on some kind of witch hunt so they don’t have to play the claim. They act like it is awful if I ask for anything, and I am just not sure of my rights, what I have to disclose to them (like the gambiling), I only spent $120 there, but it is just the whole point that thye can demand things and I have to jump through hoops, as does my family as they have all been interigated too.

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