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If you are buying a new home and getting the insurance from the builder or dealer, your probably not getting the best deal. We have found in some occasions that the buyer "YOU" may be financing the insurance they sold you for up to 30 years at whatever interest rate your home is financed. Imagine that insurance policy they gladly provided for you and added to your closing costs now is being financed for the term of your home finance agreement. If thats not bad enough, guess what, you have to renew that insurance policy after 1, 2, or 3 years which is typically of what they may try and sell you. Ok, you now renew the insurance policy for the typical one year term but guess what, your still paying interest on that policy you originally purchased and they put in your closing cost to be financed. That extra say "$1,500" insurance policy the builder or dealer gladly sold you will continue to cost you interest and you will be paying it for up to 30 years if your mortgage is that long.
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