Purchasing a new home is the biggest investment you’ll probably make in your life and it comes with its own share of vulnerabilities. Events such as vandalism, liabilities from injuries, and natural disasters can even cost an upward of a hundred thousand dollars.
It’s of paramount importance to safeguard your family and home from any sort of financial disaster by getting homeowners insurance. Around 85% of homeowners have purchased a home insurance policy in the US.
In this blog, we share 3 compelling reasons why you should purchase a homeowners insurance.
Home Insurance is of different types but even the most basic one protects your property from a number of potential hazards including hurricanes, tornadoes, high winds, fire, vandalism, hail and more. It helps you pay for replacement and repair in case of any unforeseen circumstances.
If any destructive event renders your home inhabitable, your insurance policy covers most living expenses for a period of time while you seek another means of shelter or until your property returns to its former condition. Some forms of home insurance also cover the costs of lost personal belongings such as clothing, furniture, appliances, etc.
Homeowners insurance does more than just cover the costs of your home’s physical structure and belongings. It usually comes with family liability insurance and protects you in case of any lawsuits resulting from an injury taking place on your property.
For example, a neighborhood child decides to sneak into your backyard to play on the swing which accidentally breaks and injures him. Chances are, you could be held responsible in the court of law. A similar case is if someone is out for a stroll and slips on your front porch and decides to press charges against you. This is where liability insurance comes in. It helps with the necessary legal fees, lost wages, and even medical bills.
This type of insurance has the added benefit of protecting the home’s equity. By updating your insurance policy, any improvements such as renovations to the home are taken into account, essentially protecting your investment.
It’s Required By The Mortgage Lender
Although homeowners insurance isn’t a state requirement like auto insurance, it’s needed if you’re deciding to finance your home. It protects the lender’s investment from any damages caused by covered risks such as vandalism or fires.
If you haven’t purchased the adequate coverage, your lender may have the excuse to purchase a policy on your behalf, regardless of the costs. This could result in you paying for a premium policy when you could have gotten a far cheaper one had you done the purchasing yourself. Contrary to what many think, there are a number of homeowner policies out there that cater to all kinds of budgets.
No one knows when disaster can strike and not having homeowners insurance in case of any damages could put you in some serious financial trouble. Our home insurance quotes in Bradenton, Florida helps you to find the right policy and the cheapest price! Contact us today!