What does auto insurance typically cover?
Auto insurance usually includes liability (for bodily injury and property damage to others), collision (for your car damage in an accident), comprehensive (non-collision damage like theft or weather), uninsured/underinsured motorist coverage, and medical payments or personal injury protection.
What does home insurance cover?
Standard home insurance covers your dwelling, personal belongings, liability protection, and additional living expenses if you’re displaced due to a covered event like fire or theft.
What is a deductible in health insurance?
A deductible is the amount you pay out-of-pocket for healthcare services before your insurance starts covering costs.
What is the difference between term life and whole life insurance?
Term life provides coverage for a specific period (e.g., 10–30 years), while whole life includes lifelong coverage and builds cash value over time.
What is mortgage insurance and why is it required?
Mortgage insurance protects the lender in case the borrower defaults on the loan. It’s often required when the down payment is less than 20%.
Can I cancel mortgage insurance?
Yes, for conventional loans, mortgage insurance can typically be canceled once you reach 20% equity in your home.