For many new homeowners, homeowner’s insurance is one of those back-burner items that appeared on the closing statement as just another charge they had to pay. Actually, depending on the area you live in, there were likely several different insurance policies listed in the buyer’s column, including homeowner’s insurance, flood insurance, private mortgage insurance (PMI), title insurance, homeowner warranties, and sometimes even mortgage life insurance.

Tucked away in the thick folder of closing documents, these policies are largely forgotten until a problem occurs, when suddenly they become very important.

With so many unknowns that can carry a big price tag, homeowner’s insurance and some of the other ...

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