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Do I Pay for My Insurance While in Foreclosure?

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A lot of my clients have asked me, “Should I pay for my property insurance or not?” And the truth is, if you have the ability to pay for your insurance, you should. Even if it means getting a renters policy just to protect the contents of your home. Because if you don’t have insurance on your property, the bank force places insurance and that policy is six times the cost of what your regular insurance policy is.

And God forbid there’s a fire, or a hurricane, or something happens and your entire house blows away, you won’t get a check from the force placed insurance policy. That money will all go to the bank and not a dime to you. But if you have your own policy in place, you can recover for your personal belongings, your clothes, your jewelry, everything that you had in your insurance policy.

And that protects you. So if it’s possible to protect yourself, do it.

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