Home insurance

When you buy a home, insurance may be the last thing on your mind, but it’s an important consideration for your peace of mind. Mortgage insurance is something that is required if you have less than 20% equity in your home, and is something you’ll be able to walk through with your Starion Mortgage Banker.

Aside from mortgage insurance, you also need a homeowner’s policy, which usually consists of five parts:

  • Dwelling
    Covers the dwelling itself, not including land. Typically, a coinsurance clause states that as long as the dwelling is insured to 80% of actual value, losses will be adjusted at replacement cost, up to the policy limits. This is in place to give a buffer against inflation
  • Other structures
    Covers other structure on the property not used for business, except as a private garage
  • Personal property
    Covers personal property, with limits for the theft and loss of particular classes of items
  • Loss of use/additional living expenses
    Covers additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented
  • Personal liability
    Covers damages for which the insured is legally liable and provides legal defense at the insurer's own expense. For example, dog bites would fall under this coverage

There might be exclusions for certain events, such as a flood, although there may be additional coverage you can purchase. For expert advice, your Starion mortgage banker can refer you to a Starion Insurance agent.

Find out more

Starion News

Starion Financial, Thiery honored with housing awards

Starion Financial and Dean Thiery were recognized for exemplary work by the North Dakota Housing Finance Agency (NDHFA) at its statewide housing conference held in Bismarck.

Mon. Mar 02 5:03 PM Read more...

Starion Insurance hosting free seminar

Starion Insurance is hosting a free crop insurance update and marketing seminar on Friday, Mar. 6 from 11:30 a.m. to 3 p.m. in the Guelph School Gym.

Thu. Feb 26 8:02 PM Read more...

Starion Financial’s Staller presents economic survey results

Starion Financial Fargo Market President Dan Staller presented the results of the business conditions survey at the Fargo-Moorhead-West Fargo Chamber of Commerce Economic Outlook 2015 Forum on Feb. 19.

Fri. Feb 20 8:02 PM Read more...

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