Mortgage Payment Protection

                                  Rest Insured

The past couple of years have been filled with stories of people who have lost their homes or relocated to a temporary residence due to hurricanes, tornadoes or other disasters.

What many people do not think about is that they are still responsible for their mortgage payment.  A typical homeowners policy pays for home repairs, but it doesn't usually make your mortgage payment.

AAA Insurance Agency has a new disaster mortgage insurance product called   First Protector   that pays your monthly mortgage payment (including taxes and insurance if included in your mortgage payment), should your home be unlivable for 48 hours or more due to a covered disaster.

Covered disasters include fire, hurricanes, flooding, earthquakes, tornadoes and sinkholes, as well as common household disasters such as gas leaks or even trees falling on your home.  The policy also may pay up to $500.- of your homeowners policy deductible for a covered loss, even if you are able to live in your home !

The cost for disaster mortgage insurance is based on your monthly mortgage payment amount and is very affordable.  For example, a policy covering a monthly mortgage payment ranging from $1,001.-$1,500.- is available for $182.- a year. Coverage is available for single-family homes, condos and multi-family homes in Florida and Georgia. In tennessee, coverage is available for single-family homes.  Mobile homes are not available for coverage in any state.

Another area of coverage that is often overlooked is flood insurance.

The National Flood Insurance Program ( NFIP ), which underwrites most flood insurance, provides a maximum benefit of $250,000.- on a single-family home.

Obviously, many homes in our part of the country are worth considerably more.

AAA Insurance Agency offers additional products that give you the option to insure your home against the damage of flooding for an amount that more closely reflects its actual worth.

For more information about these coverages, visit AAA website.

Eli Magen is your certified mortgage broker in the state of Florida.

Please email your inquiries to Eli@AbsoluteFloridaMortgage.com .