Why Carry Homeowner's Insurance At All Times?

If you are new to homeownership, then you have some things to learn. One of the most important things to know about when you own a home is how important it is for you to carry insurance. Here are some of the reasons you are going to want to make sure you continuously carry insurance on your home:

It is required

When you own a home and you still owe money on the home, then you will be required to carry homeowner's insurance on the home. This will remain a requirement as long as you still owe on the house. The amount of insurance you carry on the home will depend on the amount of money you owe on it. Once you own the house outright, then you do have the option of not carrying insurance, but this is not a decision you should make.

It protects all building on the property

Your homeowner's policy will protect your home, as well as all of the other structures on the property, and a few examples of these would include the garage, the tool shed, and the mother-in-law home. The types of things that can be covered in the insurance policy include things like theft, vandalism, wind damage, hail damage, lightning damage, fire damage, hurricane damage, tornado damage, and in some cases flood damage. It should be noted that in some cases flood damage or earthquake damage need to be included in a separate policy and aren't included in the standard one.

It protects your personal belongings

It's helpful to have your home and other buildings covered if something happens, but if you lose everything inside of the house, then you will still possibly be in financial ruins due to needing to replace everything that you own. Luckily, when you are carrying homeowner's insurance on your home, your belongings that are on the property and that have been stolen or damaged will also be covered by the policy.

It pays to house you after disasters

If you have some type of disaster cause damage to your home or destroy enough of it that you can't stay in it until it is rebuilt or repaired, then you can often have your temporary shelter covered through your homeowner's insurance policy. Your housing will be paid for depending on how long it will take to make your home livable again or up until the maximum amount allowed according to the policy.

Contact an insurance agent to learn more about home insurance

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