Last Updated November, 2020
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01
Editor's Choice
Star Ratings
A Leading Insurance Company With Several Financial Services At Their Disposal, Making It An Accessible One-Stop Company.
  • An extensive network of agents
  • Reliable online infrastructure
  • Decent prices
9.9
overall rating
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02
Star Ratings
A Reliable Insurance Provider That Offers A Comprehensive Quote, Agent Finder Tool, And Impeccable Customer Service.
  • Reliable customer service
  • Great claim settlement record
  • A range of policy covers
9.9
overall rating
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03
Star Ratings
An outstanding company with a quick claims process, low rates, and excellent customer service.
  • Good customer service
  • A variety of customer payment options
  • Extended home insurance
9.9
overall rating
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04
Star Ratings
A Prominent Insurance Company with Hassle-free Approach, Streamlined Customer Service, Sales, And Claims Process.
  • Worldwide coverage
  • Doesn’t account for depreciation
  • Great financial stability
9.8
overall rating
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05
Star Ratings
Offers Home Insurance Policies With The Typical Coverage Options, Plus Several Perks Like Ordinance Or Law Insurance.
  • Specific coverages
  • High financial stability
  • More discounts than competitors
9.8
overall rating
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06
Star Ratings
Offers A Wide Array Of Products For Homeowners And Additional Benefits Tailored To Meet Each Type Of Home.
  • A+ rating from BBB
  • Flexible policies for consumers
  • Discounts by taking two policies
9.7
overall rating
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07
Star Ratings
A Leading Insurance Company That Offers Standard Home Insurance Policies With Additional Coverage Options.
  • Great mobile interface
  • Convenient online process
  • Great discounts
9.7
overall rating
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08
Star Ratings
Has Created A Large Customer Base For Itself With Its Auto And Home Insurance Policies Sold Through Independent Agents.
  • Discounts available
  • Can be bundled with auto insurance
  • 24 x 7 customer service
9.6
overall rating
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09
Star Ratings
A Top-Rated Insurance Company That Offers Excellent Rates, Additional Benefits, And Impeccable Customer Service
  • Excellent prices
  • Reliable customer service
  • Exclusive coverage for belongings
7.6
overall rating
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10
Star Ratings
Offers Home Insurance Policies At Various Levels Of Coverage Along With A Quick And Smooth Claims Process.
  • Nationwide
  • Simple process
  • Bundles all policies together
9.5
overall rating
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11
Star Ratings
Homesite is very competitive and cheaper than its closest rivals. It offers standard homeowners insurance policy along with some extended coverages.
  • Many discounts
  • Fairly low-priced
  • Online claim handling
8.8
overall rating
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12
Star Ratings
Auto-Owners is financially strong and has been ranking consistently high in terms of customer satisfaction.
  • High customer satisfaction
  • Insurance discounts available
  • Quick claim acceptance procedure
8.7
overall rating
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13
Star Ratings
A Leading Home Insurance Provider Offering A Wide Range Of Policies And Has A High Customer Satisfaction Ratio.
  • Upgradation possible as per needs
  • Basic coverage with a low premium
  • Good customer satisfaction ratio
9.5
overall rating
Read Review
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Everything you need to know about mortgage loans and home insurance

Everyone dreams of owning a house as soon as they get their first job. Buying a house and creating that safe space for you and your family is one of the significant steps toward creating a better life for yourself and your loved ones. Earlier, buying a house would take a long time as accumulating the funds for the same was a herculean task. However, living in the 21st century has changed the way things worked. For starters, you can now own a house without paying upfront for it. All you have to do is apply for a mortgage loan and make sure that you adhere to all the terms and conditions put forth by the lender to be eligible for it.

A mortgage loan is a type of loan where property or real estate is used as collateral to borrow money against it. The borrower enters into an agreement with the lender, which is usually a bank, and the borrower receives cash upfront and has to make payments over a determined time span until they pay the lender in full. A mortgage loan is often referred to as a home loan when it is used to buy a house.

If you are considering opting for a mortgage loan, you need to understand the following factors:-

  • For first-time home buyers, there’s a special type of mortgage available and you can qualify for it. It is advisable that you get acquainted with the special mortgage programs and the restrictions that accompany such mortgage loans before you decide on a particular lender.
  • The safest mortgage loan is the one that offers a 30-year fixed rate mortgage. This is the safest and smartest bet, especially if you will live in the same house for more than five years or so. Moreover, it is easier to understand a fixed rate mortgage.
  • Also, you need to understand that your credits play a major role in determining whether or not you qualify for the mortgage loan. In fact, mortgage loans are a big responsibility as the bank will be risking a lot of money. Thus, your credit scores should be good enough that the bank would agree to lend you money.
  • Another thing to consider while you apply for a mortgage loan is that you shouldn’t borrow too much. Mortgage lenders make sure that you don’t borrow too much, and they will look at how much the mortgage payments are relative to your income. The bottom line is that you should possess the ability to repay the mortgage loan.

So, once your mortgage loan is approved and you finally buy your dream house, you are just one step away from protecting it. This is where the home insurance or homeowner’s insurance steps in. People often dismiss the importance of home insurance, but if this is the first house you own, and that too on a mortgage, so home insurance can come in handy.

Here’s how:-

  • Home insurance is an incredible way of protecting yourself from losses in the event of any natural disasters. Whether it is a tornado, fire, hurricane, or any damage that your house sustains will be covered by the home insurance provider.
  • In case of theft or damages sustained during a home invasion, the home insurance providers will offer protection against the damages the house sustains during the theft. It even covers the damages to the structure of the house, the contents of the house, and the things that were stolen.
  • Home insurance offers liability coverage to its owners and covers damage to people and property that are not covered on the policy when accidents occur on your property. This includes coverage of accidents that occur in the space adjacent to your property. The coverage pays for the medical bills, legal fees, and material damages that are caused by the accident that occurred on your property.
  • At times, it becomes mandatory to apply for home insurance as your mortgage lender might demand it. This is done with the intention to ensure that the property remains protected from damage caused by the weather or fire and even includes protection from the damage caused by vandalism. In certain cases, if you aren’t keen on purchasing home insurance, the lender can buy a policy in your name, and add the cost of the policy to your monthly payments. It is best to choose a home insurance policy of your choice as lenders don’t shop around for the best deal. Moreover, home insurance is quite affordable, so you can opt for it without any hesitation.