No Homeowner’s Insurance? How Bad Can It Be?
Everyone employs a penny-pinching tactic here and there. People are used for skimping on expenses to get the most from their salary. Question is, should homeowner’s insurance be included in your budget cut? Amco Insurance shares what happens if you don’t get homeowner’s insurance:
- You violate the mortgage clause.
A borrower needs to maintain homeowner’s insurance while paying a mortgage. Without such, your property is in danger of foreclosure. Think about it. The lender’s policy does not cover personal property. It only ensures the home and mortgage. On top of that, it’s more expensive than a policy you can purchase.
- You suffer liability.
Damage to property due to negligence can be covered by insurance depending on the claim. However, without a policy, you will have to pay out of pocket. This situation, more often than not, leads to bankruptcy.
- You risk storm damage.
Hurricanes, tornadoes, and thunderstorms are something that we can’t control. If you don’t have a homeowner’s policy, your home can face serious weather damage. You might even have to relocate while repairs are being made, but with insurance services in Hialeah, Florida, that can change.
- You may suffer litigation.
There are many instances that can lead to a lawsuit. Nevertheless, the end scenario remains the same. The homeowner needs to hire an attorney when the other party sues. This is where the homeowner’s insurance plays into action. You won’t have to pay attorney’s fees upfront.
Are you still willing to forego without homeowner’s insurance?
If you have auto insurance in Hialeah, Florida, then you shouldn’t pass up on getting homeowner’s insurance, as well. It gives you peace of mind that your savings won’t be wiped out from random expenses. Get homeowner’s insurance now to protect your assets.