tenants from claims of liability. And it include coverage for " loss of use ", which provides payment for the costs incurred for temporary hotel accommodation while the property owner's building is being repaired for a covered claim, as noted above. This type of policy is very inexpensive for tenants, often protecting their assets for up to $20k-$30K, and providing at least $100K in liability protection, for maybe $150.00 to $300.00 per year. Your clients may also consider using a clause in your personal life insurance policy called “ Collateral Assignmen t”, to replace the cost of the credit life fees that are added to your monthly mortgage payment. This requires listing the lender for your mortgage as the primary beneficiary of the proceeds of your personal life insurance policy, so that the lender is paid for any remaining balance of your client's loan, in the event of him/her passing prior to the payoff of the loan. Clients will also need to be eligible to purchase amount of life insurance equal to or greater than the amount of your mortgage loan. This means that just as the lender determined if you (the client) are eligible to borrow the amount for the cost of your home purchase, insurance companies will look at your net worth, income, and other factors to determine just how much your “life” is worth to insure it. Assuming that both the lender and the life insurer are in agreement, you may “assign” your life insurance proceeds to the lender, and eliminate this cost from your monthly mortgage payment, thus saving money. The reason that you will save money is because this is a free service, although there may be some fees associated with administrative costs. And they may further reduce the costs associated with homeowners insurance by showing a certificate for home security and fire alarm monitoring, showing evidence of having
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