Do you really need home buyer’s protection insurance? The answer is yes, because it protects you, the home buyer, whenever the property you’re investing in is suddenly withdrawn from the market for some reason. Or maybe the seller changes their mind. Who knows?
And guess what, one out of three transactions do fail. The reasons vary and sometimes it’s reasonable to just stop the transaction. Some of the common reasons include: the seller changes his mind and withdraws the property from sale; the mortgage lender valuation is lower than the accepted offer. Another reason why the sale falls through is when the mortgage lender insists on rectification work.
If you’re planning to buy a property, make sure to protect yourself by buying home buyer’s protection insurance. And keep yourself educated by understanding the policy coverage and how much protection you can get. Because, sometimes, having insurance isn’t enough— you need to at least learn the fundamentals of the policy.