Insurance is essential to protect  you and your family from loosing your  investment in real estate against natural and human dangers.  
Buyers and   owners should  consider all  types of  insurance coverage  related to real estate ;  of which only few types are mentioned here .

This  information is intended to highlight the importance of this subject ; for professional advice talk to a local specialised  insurance broker who can  provide you with the  type of coverage you will  need and advise you about the  risks to be insured .
  
HOME OWNER  INSURANCE  - FIRE PROPERTY INSURANCE

Home owner  insurance  protects against the loss of own house or private property. Its clauses  combines  basic insurance coverage  against fire and damages resulting from strike of natural disasters ….fire , floods  , earthquakes etc…Breakage and vandalism are covered by fire insurance.. The  insurance coverage  extendable to meet the needs of the insured .

It is recommended that a  home  inspection is conducted when the insurance policy is issued . Document  objects with photos and relevant bills and statements  and  have  copies delivered to the insurer as an evidence of your  property status .
Premiums  and perils covered by fire insurance is  diversified  and  conditions differ between different  institutions

MORTGAGE  INSURANCE  PROTECTION

Mortgage insurance constitute a vehicle to protect  Lenders  (loan provider ) and Homeowners  (Real property owner  ) against  losses (Loan – House ) due to unexpected and un-foreseeable  events or conditions.

*  Life - Mortgage Insurance (LMI)
The purpose of this insurance is to protect the borrower (insured - home owner ) and his family against payments default due to life threatening  causes.
The mortgage will be paid in full or up to the maximum amount insured if  or  when  the  borrower becomes  unable to  pay ,as  stipulated in the  clauses  of the insurance policy and within the term of the policy.
The amount insured will be used to pay the full amount or balance of the mortgage or loan. Henceforth the  owner or the heirs  will have absolute ownership of the property .

*  Private - Mortgage Insurance (PMI)
The purpose of this insurance is to protect the  lender against  payments default.
Lenders request that borrower  purchase this type of coverage when the loan risk factor is high ; it is required when the down payment is low.  
The assessed value  , purchase value of property  and the loan total value  can be factors or reasons to request a  PMI from the borrower .

TITLE -DEED INSURANCE

“… Title insurance  policies  offers financial protection against and negotiate with third-parties,  … it  pays claims and the legal fees involved in defending the title.”
Lenders  will request a Title insurance to protect themselves and their loans  from loss  against claims  from others on the estate or property.
Owners will need  ‘Owners Title Policy ‘ as well to protect themselves from any  unknown disputes or claims of ownership against  the property .
Specialised  licensed Title insurance agencies  conduct searches and provide this service .
A Title insurance is purchased once ; when the property ownership is  transferred to new individual(s) and will remain valid as long as the Title (ownership )did not change