You are required to carry home owner's insurance on your home for the life of the loan. The coverage has to be 100% replacement cost coverage. This means that the insurance coverage amount may more than the sales price. It depends on the formula the insurance agent uses to predict how much it would cost to rebuild the home with the cost of materials at today's price.
You can choose the insurance provider but unless you are putting down at least 20% in down payment, you will be required to add the insurance to the payment of the home.
You can choose the insurance provider but unless you are putting down at least 20% in down payment, you will be required to add the insurance to the payment of the home.