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Made it easy to get quotes and once I found mine, it was easy to get that exact ... Nova Insurance Services is proud to offer several different insurance products to meet your needs. Owning a secondary home has the potential of increasing your liability exposures. Typically, there is a sublimit on homeowner insurance policies for valuable possessions, such as jewelry, furs, fine arts, and other collectibles.
In the event a person is injured on your property and requires medical attention, you would be able to submit the injury-related medical expenses to your insurance carrier. Medical expenses are usually paid without a liability claim being filed against you. Make sure your homeowners policy contains replacement cost coverage with no cap. This protects you if the cost to reconstruct your home is higher than your current limit of coverage.
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The process could be delayed if the requested documents are not received in a timely manner. A short sale may have tax consequences and/or likely negatively impact your credit, but not as bad as foreclosure. If there are no options that make it financially possible to keep your home, a short sale could give you a fresh start and help you avoid the foreclosure process. It allows you to sell your home for less than you owe on the mortgage, pending investor approval. Some investors will not permit a short sale if you have not been evaluated for all home retention solutions.
Repayment plans are a good option for homeowners who face temporary hardships. They spread the past due amount over a specific period, typically 3–6 months, during which time you make a full payment, plus a partial payment, until the account is brought current. Like all mortgage assistance options, the sooner you let us know about your need for help, the more likely a repayment plan will be available to you. When your loan transfers to our servicing department, it may take a few weeks for all documents and information to be updated.
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Please reach out to us if you receive a notice that your insurance lapsed and your loan is escrowed. NOVA Home Loans is unable to change to whom your loan was sold to and who services it. After the servicing of your mortgage is transferred, your new servicer controls the activities and decisions supporting your mortgage loan. It is very important that NOVA has the correct contact and mailing instructions for your new loan being servicing by NOVA.
You should make sure your homeowners insurance policy covers your trampoline, as many insurance providers refuse to take on trampoline liability and exclude the item from coverage. Private Mortgage Insurance is required on conventional mortgage loans that funded with a Loan to Value ratio of 80% and greater. If the down payment at the time of the origination is less than 20% of the original mortgage loan amount, PMI must be included in the escrow portion of the monthly payment. Careful review is essential to protect your home and belongings from all sources of water damage.
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You should contact your tax advisor to discuss these potential tax impacts. Excess liability insurance is available either by an endorsement to your homeowners policy or available as separate coverage. Once your loan closing is complete, it will be sold into the secondary market and will begin the process for permanent loan servicing. The servicing of your loan consists of collecting/applying your payments, paying escrow items coming due, providing year end tax information, and customer service to you should you have any questions. Purchase a flood insurance policy to protect your home and covered contents from certain types of flood losses as designated by the National Flood Insurance Program. A flood policy is purchased as a separate policy through the federal program or through a servicing carrier known as a write your own carrier.
However, the damage is only insurable if it is a covered cause of loss as outlined in your homeowners policy. With our main office located in Nicholasville, KY, Nova Insurance Group provides specialized insurance solutions to individuals and businesses throughout Central Kentucky. With in-depth experience and access to comprehensive policies, we strive to find you the best coverage at a price that fits your budget. Self-funding offers the flexibility to design a personalized plan that manages medical plan costs.
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National Guard members and members of state military units who are called to state active duty are not covered by SCRA. However, many states have enacted laws that extend SCRA protections to such service members who are called to state active duty. Depending on the resulting loan-to-value after a principal payment and recast, any private mortgage insurance can be reviewed for possible cancelation. PMI will be automatically dropped when the LTV reaches 78% based on the original term and amortization of the mortgage loan. Increasing your deductible is a great way to save on home insurance in the short term, just make sure you have money reserved for this purpose. Having the right amount of coverage — now that should always be the goal.
Please refer to the Home Emergency Cover Policy Wording for full details. Misfortunes rarely happen, but when they do, you want it fixed as soon as possible to avoid further damage to the rest of your home. You can request PMI be removed when your loan-to-value ratio reaches 80%. A written request must be submitted to us for the loan to be reviewed, and the conditions must meet all applicable requirements for approval. Look at increasing your deductible (this is the amount you pay out-of-pocket when you make a claim). If you have good credit, you can ask your provider to run a credit check and see if they provide a discount for customers with good or excellent scores.
You can also consider unique coverages for wine, such as for spoilage. When your home suffers damage due to an unexpected event, your personal property is also at risk. Furniture, appliances, clothing, electronics, and other personal items can also be damaged or destroyed. Explore our interactive graphics and learn about your unique risks and the related insurance solutions. Our clients are the most important part of our agency, and we always go the extra mile to exceed all expectations.
It’s also important to contact your homeowners insurance company, and/or your secondary insurance company (in the case of having flood, earthquake insurance, etc.), as soon as you can. If the servicing of your mortgage loan has been transferred, we can provide the contact information to reach your current mortgage servicer. Your homeowners insurance policy includes liability coverage for property damage caused by any member in the family, but likely does not cover rumors or statements that damage a reputation.
Let us help protect one of your most prized possessions with insurance that fits your priorities and budget. Personable service and insurance solutions are just a call or quote away. If you have a sizable wine collection, you may want to consider scheduling the collection on your homeowners policy. Doing so expands your coverage and eliminates the deductible in case of a loss.
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