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Dwelling Insurance
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Homeowners Insurance Policy
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Personal Package Insurance
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Flood Insurance
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Title Insurance
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Home Assistance
Dwelling Insurance
Protect what may be your most important investment with dwelling insurance that covers damage to the main structure. This is the simplest coverage and serves to protect the structure of your home from any risks it may incur.
The damages covered by this dwelling insurance can be caused by fire, hurricanes, vandalism, and/or earthquakes. You will be able to enjoy and benefit from this plan, making sure you have a replacement cost option. This policy is also required by secondary markets such as Fannie Mae and others when the property is financed.
Homeowners Insurance Policy
The homeowners insurance policy is designed to provide coverage for the house or apartment you live in as your primary residence. This policy groups a series of listed coverages with more breadth and more risks than the Dwelling insurance policy. It provides protection against damage to your home and the contents inside your property. It also protects you from legal liability as a result of damage caused to others.
What is the condominium unit owners’ insurance policy, also known as Homeowners 6?
If you live in a condominium unit, the Homeowners #6 type of homeowners insurance provides coverage terms specifically for condominium units, making it the ideal type of coverage when living in a condominium unit.
If your condominium master policy does not cover private elements, your bank will require a Homeowners 6 policy as a requirement for your mortgage closing. In this case, the Homeowners 6 policy will cover permanent improvements within your unit up to the limit of insurance stipulated in the policy. Some examples of permanent improvements are: floor and wall tiles, kitchen cabinets, bathroom fixtures, doors, closets and the like that are permanently installed inside your property.
Personal Package Insurance
Your family deserves to be protected with a personal package. Find the coverage you need on this single integrated policy known as a Personal Package.
Your "Personal Package" may include the following coverages:
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Dwelling Insurance: covers damage to the main structure of your property.
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Personal Property Insurance: protects against property damage caused by theft, fire, hurricanes, and/or earthquakes, among others.
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Public Liability Insurance: protects against any personal liability you may legally incur as the result of damage caused to third parties.
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Automobile: provides coverage for physical damage to a vehicle, liability coverage for bodily injuries, and property damage to third parties.
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Excess Public Personal Liability ("Umbrella"): significantly increases the reach of the basic liability coverage and offers you higher limits in your personal liability insurance.
Flood Insurance
Avoid unpredictable expenses caused by fortuitous events. Flood insurance protects your property regardless of whether the area is declared a disaster or not.
Flood damage is excluded in most homeowner's policies. A flood can occur at any time, especially if your property is located within an area susceptible to flood damage. That's why this coverage is vital for your property.
We offer two types of policies:
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Residential Policy: allows you to insure both the structure and the contents of your residence or apartment.
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Non-residential Policy: businesses can insure their contents up to a maximum of $500,000.
Title Insurance
What is a title of ownership?
A title is the basis of real estate ownership and refers to your legal right to own, use, control, possess or dispose of the home.
What is the title search and its function?
Before issuing a title insurance policy, a title insurance agent will check your title for any defects by performing a title search. Your property free and clear of any defects could be in jeopardy if there are any problems with the title, such as a lien filed by someone who worked on the property, unpaid taxes, an easement, a claim by an heir of a previous owner, or any number of other possible title defects.
What is title insurance?
Title insurance helps protect you or your lender from prior rights or claims that other parties may have to the property, as well as any outstanding debts from prior years from previous owners of the property. Title insurance is based on a search of public records, which are assessed through the title search to determine the status of the title at the time of your purchase. In the event someone claims title to your property, your title insurance company will defend your title and pay all related costs and the loss in property value that may result, up to the limit specified in your policy.
What exactly is the policy limit on a title policy, you might ask?
The policy limit for title insurance is the amount of the sale price of the property.
Types of Title Insurance
There are two main types of title insurance: a lender's policy and an owner's policy. The bank will require lender's title insurance as a condition of your mortgage loan. A lender's policy insures the lender's interest in the title to your home. It provides protection for the person or company that loaned the money to the new owner. An owner's policy will insure you as the owner of the property against specific types of claims listed in the policy. The owner's policy helps protect the new owner of the property from debts of a previous owner, such as having to pay a lien placed against the property due to the actions or inactions of a previous owner.
In Puerto Rico, the buyer or seller can purchase both the lender's policy and the owner's policy. Only title agents and title insurance companies can sell title insurance.
Unlike other types of insurance, you pay a single premium for your title policy, which remains in force if you, or any heirs, own the property.
Home Assistance
Receive assistance 24 hours a day, 7 days a week, 365 days a year for your most common problems.
You and your family deserve the home assistance provided by this policy. With just one call you can get the following services at your fingertips: plumbing, electric, locksmith, and glasswork.
The information provided is only a general description of coverage. For further information you should consult your policy to know the terms, limitations, and general conditions. The insurance products offered by FirstBank Insurance Agency, LLC are not a bank deposit. They are not insured by the FDIC, nor by any agency of the state or federal government. They are also not guaranteed by FirstBank or any of its subsidiaries and may decrease in value. Obtaining insurance is optional and it can be canceled at any time. The purchase of insurance from the Bank or one of its affiliates or the agreement not to obtain an insurance product from an unaffiliated entity, will not be a condition for credit approval. We will not reject the insurance(s) of your choice if the same complies with our requirements and standards related to coverage, financial strength and services provided by an insurer.