Whether you just bought your new home or are still paying off the mortgage, having a homeowner’s insurance coverage is important. For most people, the home is their biggest asset and it is, therefore, important to protect it. Although most people understand the importance of a homeowner’s insurance coverage, many homes are still not covered. If you are one of those owners without a home insurance, here are a couple of reasons to help you make that decision.
Why is Homeowner’s Insurance Important?
In most cases, if you have a mortgage, the mortgage company will need you to have a homeowner’s insurance coverage. This is because the mortgage company wants to be sure that in case of a fire or any other risk, the home is protected. If you do not have a home insurance coverage, the mortgage company can purchase one for you and charge you for it. Such a coverage is usually more costly and has limited coverage.
Besides it being required by the mortgage company, there are several other reasons why you should get a homeowner’s insurance coverage:
- Protection for your home
As we have mentioned above, the home is perhaps one of the largest assets you have. Having a homeowner’s insurance coverage ensures that it is protected. The insurance company will pay for any loss and damage caused to your home as a result of theft, vandalism, and fires. It also provides coverage against natural calamities such as storms, floods, hail, e.t.c.
Moreover, in case your home is ruled inhabitable due to damage caused by natural calamities, most standard home insurance coverages will pay for your temporary costs of living.
- Liability coverage
Some home insurance coverages can protect you in case you are faced with a lawsuit due to injury on your property. In case a guest or a third party staying or visiting at your home gets injured while there, you may find yourself faced with a lawsuit. A liability coverage will help pay for any medical expenses and even legal fees.
- It protects essential allowances
A home insurance coverage will help preserve your home’s equity. Whenever you renovate your home, its value increases. Adequate insurance will protect your investment.
- Protect your assets
Seeing as you live in your home, there are a couple of assets that you may have inside your home. Think jewelry, canvas paintings, electronics, and others. With a home insurance coverage, you can list all your assets and have them covered. In case of theft or damage, the insurance company will pay you cash value for the covered assets.
If you are looking to safeguard your home and all your property inside it, a home insurance coverage is exactly what you need. Contact us for more information on homeowner’s insurance coverage and get you started on protecting your home.