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The accurate statements about insurance are that a separate license is required to sell insurance, lenders cannot mandate homeowner's insurance as a loan condition, and homeowner's insurance policies usually do not include home warranty coverage.
To sell insurance, a person must have a separate license. Real estate licensees are not automatically authorized to sell insurance; a separate license is required to sell various insurance types such as homeowner's insurance, auto insurance, etc. This is important to ensure individuals selling insurance are trained and qualified.
Lenders are prohibited from requiring homeowner's insurance as a condition of a loan. While lenders can require homeowner's insurance to protect their investment, they are not allowed to make it a requirement of the loan itself, as this would be considered a conflict of interest and potentially predatory lending.
Homeowner's insurance policies do not typically include home warranty coverage. Home warranties are separate contracts that cover the repair and replacement of home systems and appliances; they are not usually included in standard homeowner's insurance policies.
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