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Real Estate ti)
. Eileen M. Day realtor*
INSURANCE AT CLOSING
In securing a mortgage for your home, the lender will require you to take out a homeowner’s insurance policy, which you would no doubt do anyway. Lenders have a few minimum requirements; coverage above that value is up to you.
Broadly speaking, the basic homeowner’s package policy consists of coverage for at least 80% of the replacement value of your home plus coverage for your belongings at whatever value you place on them plus personal liability coverage. However there arc many variations on that package, and you should investigate all of them.
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