Coverages purchased to insure an owner occupied home. Homeowners coverage comes in a variety of packages depending on the insuring company.
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.
A multiple peril contract for owners or occupants of dwellings generally including fire, theft and liability coverage. A homeowners policy is a package policy combining many additional coverages not included in basic fire policies.
All lenders require the property owner maintain adequate property insurance on the property. If the transferee accepts a Guaranteed Purchase Offer from AECC, the transferee is instructed to cancel their insurance as of their Proration Date. AECC will insure the property through AECC's vender, Relinco, from the transferee's proration date until the resale closing date.