Owning a home has the potential to cost a lot of money. If purchased through finance the repayments eats up a big chunk of your housing budget together with property taxes and other miscellaneous expenses. To protect your financial interest and to reduce occurances that can result in loss of money why not consider your options, why is important to have an Homeowners Insurance?
It may be required
If you purchased your property through finance or a mortgage, your lender is most likely going to require that you carry a homeowners insurance policy, usually lenders ask you to provide proof that your home is adequately insured. The Consumer Financial Protection Bureau states that your lender is allowed to buy insurance and charge you for the costs.
It protects not only your Home
Usually its coverage extends to more than the physical structure of your home, from personal belongings even medical bills if a guest is injured on your property, it may include:
Your dwelling. If your home and attached structures, like a deck or garage, are damaged by a covered peril, this coverage may help pay for repairs.
Other structures. Your policy may help pay for repairs or replacement for detached structures on your property, like a fence or shed, if they are damaged or destroyed by a covered peril.
Personal property. This coverage may help pay to replace certain belongings, including furniture and electronics, that are stolen or damaged by a covered loss.
You and your family. If you or a family member are found legally responsible for accidentally damaging someone else's property or injuring someone, liability coverage may help pay for related repair costs, legal fees and medical bills.
Guests. If a visitor is accidentally injured at your home, your policy's guest medical protection may help pay for their resulting medical bills.
Additional living expenses. If you cannot stay in your home after a fire or other covered risk, your homeowners insurance coverage may help pay for temporary increased living costs, such as hotel accommodation bills.
Sense of security
Last but not least the sense of security that an Insurance policy can give you, especially when renting your property from a remote location.
Do not hesitate to contact us, we can help you find the best policy(s) throughout the U.S.