Purchasing a house isn’t a one-time purchase. It means your job doesn’t end with you buying the house because you still have to protect the house. Nationstar realizes how important it is to protect your house against any accidents like fire, flood and other disaster. That is the reason why this company has also been offering various house insurance for the homeowners. To find related information, you can make a call to Nationstar Mortgage contact number and ask for anything you want to ask.
The home insurance is the homeowners’ best friends when something bad happens unexpectedly. The way you protect by using password or CCTV cannot prevent something so bad to happen like fire. And when this bad accident actually happens, your whole world will be torn entirely if you don’t have a home insurance. Your property’s price will be going down in an extreme way and you will also lose a place you usually call home. That’s when the insurance comes forward and lends you a hand. Insurance will cover the loss you have suffered. Only then, you can rebuild your house and your life as well.
To determine the insurance’s amount according to your need, there will be some calculation needed to be made. Here is the formula. The LTV or loan-to-value divided by your property’s appraised value. For example, you borrow $80.000 to purchase a house which is appraised at $100.000. So, 80.000/100.000 and the result is 0.80 which equals to 80%. So, you will get insurance as much as 80% of your house appraised value.
When it comes to home insurance, there are several types of insurance provided by Nationstar. Each type has different amount according to your need. The flood insurance is among the most popular insurance especially for homeowners living in the region prone to flood like Hawaii and Gulf Coast states. There is the windstorm or hurricane insurance which is also ideal for houses in high risk areas like Hawaii and the Gulf Coast states. Another type is subsidence insurance which is usually purchased for houses in high risk for subsidence disaster areas. Usually, areas with underground mines are protected with this kind of insurance.
To be able to have your home insurance application approved, there are some conditions you need to fulfill. The first is your mortgage loan has to be current and you haven’t been made any late payments more than 30 days during the last 12 months. Therefore, you have to be diligent in making the payment because this will do you a good thing.
However, if you are willing to buy insurance from other carrier, it is also possible. And the good news is Nationstar will give some protections against bad insurance company through a set of standard insurance companies. To know whether your preferred company qualifies, feel free to make a contact with Nationstar representative. You can make contact through the customer service or call the agent. The customer service is available 6 days a week from Monday to Saturday. Feel free to make call anytime you need.