What is Contingency Insurance And Why You Need it For Your Mortgage

When you buy a property, it’s always recommended that you also buy contingency insurance to protect your mortgage.
But what exactly is this type of insurance policy and what is it for?
In a nutshell, a contingency insurance is a policy that can insure the user against any other insurance coverage that is taken by a third party individual. This means that in the event that your primary insurance cannot cover your loss due to the third party (such as a landlord or seller) taking it, then this one will be your safety net.
This is a very important policy for those who are holding a mortgage because it can protect you in the event that there would be complications that arise in