Having an Orange County homeowners insurance policy is a relief when something happens that damages the structure of your home. Sometimes damage can be severe enough to render the home unlivable. Yet, the money borrowed for the home must still be paid back to the mortgage lender. Otherwise, that institution would unfairly lose the unpaid balance of the mortgage. On the other hand paying the monthly mortgage on a home that is damaged so badly that you cannot live in it would mean paying a lot of money for nothing in return. No company or individual wants to unfairly lose hundreds of thousands of dollars, or be obligated to pay something for nothing. In a situation like this, you can breathe a sigh of relief when you remember that paying for repairs or replacement will only take a phone call to your Orange County homeowners insurance company. Most homeowners agree that homeowners insurance is a worthwhile expenditure. It prevents both the lender and the borrower from taking a financial loss.
Mortgage providers understand this, as well. This is why most mortgage lenders require borrowers to have a homeowners insurance policy before they will be willing to lend the money to buy the home. It gives the homeowner and the lending institution more assurance that the borrower will not default on a loan, resulting in legal actions. Click here to know more about Blackwell Insurance Agency.