5 Mistakes Florida Homeowners Make With Mortgage Protection

After helping hundreds of Florida families with mortgage protection, I see the same mistakes again and again. Here's what to avoid.

Mistake #1: Relying on Employer Life Insurance

Your employer's group life policy typically covers 1-2x your salary. Sounds good until you realize your mortgage alone might be $300,000+. Worse, if you leave your job, that coverage disappears overnight.

Mistake #2: Waiting Until Later

Insurance premiums increase with age. A healthy 35-year-old might pay $25/month for coverage that costs a 45-year-old $45/month. And if a health issue develops in those 10 years, you might not qualify at all.

Mistake #3: Buying From Your Lender's Mailer

That letter from your mortgage company offering "affordable mortgage protection" is almost always overpriced. They're selling one product from one carrier. An independent agent like me compares 10+ carriers to get you the best rate.

Mistake #4: Not Reviewing Coverage After Refinancing

If you refinanced to a higher loan amount or extended your term, your old coverage might not be enough. Review your policy every time your mortgage changes.

Mistake #5: Confusing PMI With Mortgage Protection

PMI (Private Mortgage Insurance) protects your lender, not your family. If you pass away, PMI does nothing for your spouse or kids. Don't assume you're covered just because you're paying PMI.

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