Insurance 101

Purchasing a home is one of the biggest financial investments you’ll ever make. So you want to make sure you’re covered for the unexpected. We can help you understand some of the different insurance types:

 

Homeowner’s Insurance

Homeowner’s insurance provides financial coverage in the event of a covered loss to your home, other structures or contents. In addition, homeowners insurance provides personal liability coverage for third-party claims.

 

Disaster Insurance

Insurance designed to protect your home in the event a natural disaster such as fire, flood, earthquake, hurricane or tornado were to strike and cause your home to become unlivable.

 

Mortgage Life Insurance & Mortgage Accidental Death Insurance

Mortgage life insurance pays off or reduces your mortgage loan balance (up to the policy maximum) in the event of death before the debt is paid, enabling surviving family members to retain their home. Mortgage accidental death insurance pays off or reduces your mortgage loan balance (up to the policy maximum) if your death is the result of a covered accident.

 

Private Mortgage Insurance

Insurance written by a private company to protect the mortgage lender against financial loss if a borrower defaults on the mortgage.

 

FHA Mortgage Insurance

An undertaking by the Federal Housing Administration (FHA) to insure the lender against loss if the borrower defaults on the mortgage.

 

VA Funding Fee

This fee is paid by the Veteran and/or third party, directly to the Veterans Administration, to guarantee a specified portion of the loan, should the borrower go into default.

 

Flood Insurance

Protection against flood loss through the 1973 Flood Disaster Protection Act.

 

*IMPORTANT INSURANCE DISCLOSURE

INSURANCE PRODUCTS: are not deposits of, guaranteed by or insured by PNC Bank, National Association, the FDIC or any Federal Government Agency are obligations of the issuing insurance company, which is not affiliated with PNC Bank, N.A. Insurance products are offered through PNC Insurance Services, LLC a licensed insurance agency affiliate of PNC Bank, N.A. PNC Insurance Services, LLC will receive compensation if you choose to purchase coverage through this program. A decision to purchase insurance coverage will not affect the cost or availability of products or services from PNC Bank, N.A.