When Lisa purchased her house, the mortgage lender required her homeowner's insurance to cover 100% of the loan amount. After many years, Lisa paid off her mortgage. If Lis…

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asked Nov 21, 2018 196k views

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Alejandro Arbiza · Answer 1 · 2018-11-25T13:22:54+0000

If lisa decides to comparison shop now after many years of holding the mortgage along with its insurance, the new insurance quotes should be based on a coverage amount only on the outstanding mortgage balance as the principal balance will have reduced significantly since the original mortgage inception date.

When Lisa purchased her house, the mortgage lender required her homeowner's insurance to cover 100% of the loan amount. After many years, Lisa paid off her mortgage. If Lis…

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