Insurance and your home.
Azura does more for its members. That's why we've provided a list of homeowner insurance basics thanks to our friends at MMS and TruStage to help you throughout your home-buying experience. Discover more with Azura.
As you progress through your home buying experience, questions about homeowner insurance will certainly inevitably arise. Don't fret! Azura is here to help answer all your homeowner insurance questions. Read on for more information.
Homeowners Insurance covers fire, theft, certain natural disasters and personal liability if someone is injured on your property. It protects the Credit Union against the loss of the property securing your mortgage. You'll have to prove that you have adequate homeowners coverage as a condition of obtaining a mortgage.
Several things happen behind the scenes when you buy a house. For example, we will have someone perform a title search to make sure the seller has a legal right to transfer ownership, and to see if there are liens or restrictions on the property. A lawyer, abstractor or employee of the title company does the title search.
Title insurance provides protection against financial loss in case of a defect in the title turns up at some future date. Possible defects include:
- Flawed information in deeds or mortgages (like an incorrect name)
- Liens or claims against the property or property owner (unpaid taxes or bills for water service)
- Claims to ownership from a former owner or spouse
- Invalid deeds (from a past sale or transfer by a party who didn't actually own the property)
Private Mortgage Insurance
When you acquire a mortgage with less than a 20% down payment, we may require you to buy mortgage insurance. This coverage helps protect the lender in case you can't make your payments and default on the loan. Your credit union isn't the only beneficiary. Mortgage insurance makes it possible for people with small down payments to buy the home of their choice.
Flooding is not covered by a standard homeowners insurance policy. To determine if you need flood insurance, ask your insurance professional about the flood history in your area.
If there is a potential for flooding, you will be required to purchase a policy that covers the structure and your personal belongings.
Flood insurance can be purchased from an insurance agent or company under contract with the Federal Insurance Administration (FIA), part of the Federal Emergency Management Agency (FEMA). Flood insurance is only available where the local government has adopted adequate flood plain management regulations under the National Flood Insurance Program (NFIP).
Mortgage Life Insurance
This coverage can reduce or pay off your mortgage if you die before the loan is repaid. It generally is decreasing term life coverage. The benefit payable matches your mortgage balance. Consider your entire financial picture, not just your home, in deciding what life insurance protection you need.
Exclusive offer for Azura Credit Union members like you.
TruStage™ Home Insurance Program
You trust your credit union to offer products and services to help you do more with what you have. That's why we've joined with a dedicated team of insurance professionals to bring you the TruStage Home Insurance Program.
Working with carefully selected insurance partners, the TruStage Home Insurance Program can provide discounted rates for credit union members. You'll get quality coverage for your home: liability, personal possessions and additional living expenses. You'll also get the convenience of online servicing and 24/7 claims service.
If you haven't compared home insurance lately, it's a great time to take a look. Your credit union membership could result in some nice savings.
TruStage™ Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union.
Let Azura help answer all your financial questions today. Azura members receive free access to financial wellness and management. Learn More with Azura.
*TruStage™ Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union.