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An insurance broker can provide you with all your insurance needs, including property insurance and mortgage life insurance. Lenders insist on property insurance because your property is their security for your loan. Property insurance covers the replacement cost of your home, so premiums vary depending on your home's worth.
Your lender may also suggest that you buy mortgage life insurance. This is often available through your lender, who then simply adds the premium to your regular mortgage payments.
But lender-supplied insurance can be more expensive than from a broker. Don't confuse property or life insurance with mortgage loan insurance which is mandatory for high-ratio mortgages.
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