Buying a home is perhaps one of the biggest financial decisions that most Americans will make during their lifetimes. It is also can be one of your most at-risk investments when you stop and think of all the perils your home can face. Keeping this in mind, here are five reasons why you should get homeowners insurance.
#1. Your Mortgage Lender Probably Requires It
When you purchase a home, your mortgage lender will generally require you to insure it to at least the minimum amount owed on your mortgage. The insurance protects your lender’s investment in your mortgage if your home is damaged or deemed a loss. If you do not maintain home insurance, your lender may purchase a house policy to protect their investment, and then pass the costs along to you by raising your monthly payment.
#2. Covers Damage to Your Home
If your home catches fire, gets hit by lightning or hail or gets destroyed in a hurricane or tornado, homeowners insurance can cover the costs to repair or rebuild it if you are adequately insured. This is why once you are insured, you should review your policy each year to make sure the costs to rebuild your home are still accurate.
#3. Covers Your Personal Belongings
If your home is damaged or destroyed by one of the hazards covered on your insurance policy, you could be reimbursed for the value of your personal belongings including furniture, clothing, and appliances. Items stolen during a home burglary may also be covered. When obtaining or renewing your house insurance, check to see whether you have adequate coverage for your belongings.
#4. Homeowners Insurance Protects Your Liability
In addition to protecting your home and belongings, home insurance can protect you from financial ruin if you are sued by someone who has been injured on your property.
#5. Covers Your Living Expenses if Your Home is Damaged
Most homeowners policies cover your temporary living expenses if you must live elsewhere while your home is repaired if it is deemed uninhabitable. These expenses may include interim housing, food, and storage space for your belongings.
Homeowner’s insurance can provide you with the peace of mind that if the unthinkable happens, you and your family will have support during the recovery process.
If you would to like to discuss your options for homeowners insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.