Household Multi Security
Home Multi-Peril insurance. Policy that covers any damage you may suffer if a property loss events (fires, earthquakes, floods, etc …). They usually cover various risks that may affect either the continent and/or contents thereof.
The Mortgage Act provides that in the case of an equity loan of housing, it must be covered by fire insurance for the value of building it.
In case of total loss of the property insured, the insurance company which has signed the policy would take care of the debt owed to the lender and the remaining difference to the value of the home is give it to the owners of the distressed housing.
If within the Multi-risk insurance coverage are small fires in the home the company will reimburse us the amount of repairs or will take care of those repairs.