Mortgage Glossary
Homeowners Insurance
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Homeowners insurance is a policy that protects against property damage and liability, required by lenders for the life of the loan.
What Homeowners Insurance means
It bundles hazard coverage for the structure, personal property protection, and liability. In Florida, hurricane risk makes it one of the largest ongoing costs of ownership.
Florida example
A Florida buyer budgets $3,500–$7,000 a year for homeowners insurance depending on location and roof age. Lenders escrow the premium and require proof of coverage before they'll fund the loan.
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