If you live in Boise, ID and are hoping to buy a home, you are likely going to end up with a mortgage. And your lender is now claiming that you need to purchase an umbrella insurance policy before they will give you any money. What is this type of policy and why is it so essential when getting a mortgage? Let us at Fuhriman Insurance Agency help you understand this issue.
Understanding Umbrella Policies
Umbrella policies are extra liability coverage that is designed to keep you safe when something bad happens to your home. For example, it will protect you from lawsuits if somebody is injured on your property. Strangely, they also help you defend against libel and slander lawsuits. A growing number of lenders are now requiring that borrowers take out these policies before getting a mortgage. This requirement is designed not only to protect you from unexpected problems but to ensure that your lender’s assets are not affected in a negative way.
The Benefits of Umbrella Insurance
Umbrella insurance can help you cover a variety of problems and issues with your home that you might not expect. For example, it will cover items in your home, such as boats, that other policy might not help. They also improve the quality of your mortgage and may even decrease your payments a little bit. Don’t expect a miraculous decrease in cost but a reasonable decrease.
Let Us Help You Find a Policy
If you live in Boise, ID and need high-quality umbrella insurance, don’t hesitate to contact us at Fuhriman Insurance Agency. We serve the area and provide you with the help you need to find the best policies for your needs and will work hard to ensure that you don’t pay too much for your policy.