Whether you are buying a new home or if you have already paid off your mortgage, you may have thought about the value of home insurance. The question is: Do you really need it?
Your home is likely one of, if not the most, important asset that you have. Homeowners insurance can help protect that investment – and you – in a number of ways.
Amco Insurance, a trusted source of insurance services in Hialeah, Florida, lists down some key reasons why you should consider getting a homeowners insurance.
- Homeowners Insurance May Be Necessary
Having homeowners insurance may be necessary in some cases. For instance, if you have a mortgage, your lender may require you to have homeowners insurance. Before funding your mortgage, the lender may ask you to provide proof that your home is sufficiently insured. This is because the lender wants to make certain that its financial investment in your home is protected in case it is damaged or destroyed by fire, natural disaster, and other risks.
- Homeowners Insurance Can Protect More Than Your House
A standard homeowner’s policy can provide protection for your house. However, its coverage normally extends to more than just the physical structure of your home. From your personal belongings to medical bills if a guest is injured on your home.
Homeowners insurance can cover:
- If your house and attached structures (i.e. a garage or deck) are damaged by a covered risk, your homeowners insurance may help pay for repairs.
- Personal property coverage may be used to replace certain items, such as electronics and furniture that are stolen, damaged, or destroyed by a covered loss.
- If you or a family member are found responsible for injuring someone or accidentally damaging someone else’s property, liability coverage may be used to pay for related medical bills, legal fees, and repair costs.
- If a guest is accidentally injured at your home, your insurance policy’s guest medical protection may be used to pay for their medical bills.
The Bottom Line
Having a homeowners insurance policy will not prevent damage to your belongings or home. However, it may provide you and your family with a financial safety net in case anything happens. If you have a homeowners insurance policy, you may be better equipped to handle a crisis or disaster. Knowing that your homeowners insurance can help cover the costs of damage can provide you with some much-needed peace of mind.