Your home and your family are your most valuable assets. You do whatever it takes to protect your family. Having a solid homeowners insurance policy in place will protect your home and possessions so that your risk of financial hardship will be minimized if a catastrophic event occurs.
Here are four important reasons why you should get your home covered:
If you look at the money you put into your home as an investment, it will more than likely be the biggest investment that you ever make. The best way to make sure that investment is protected is to have a good homeowners insurance policy in place. Depending on your location, you may want to include supplemental endorsements for natural disasters like earthquakes, floods, and hurricanes. The same applies if you have valuables that may need additional coverage. Know the value of your home and possessions so you can purchase enough insurance to cover everything.
When you buy a home and use a mortgage, it means that the lender also has an investment in your property. Since the lender is carrying the majority of the risk, they will require that you obtain a homeowners policy to protect their share of the investment. Financial institutions will purchase a homeowners policy to cover their share of the investment if you do not have a policy in place. However, the policy they purchase will not cover your personal property or any share of the equity you have in the home.
When you are looking at policies, you will need to have an idea of what you are looking for. There are different types of policies that cover a wide range of perils. A basic policy will only cover common perils. There are more advanced policies, however, that cover a comprehensive list of perils. Additional coverage for personal possessions and natural disasters will need to be purchased separately. You will also need to work with your agent to determine how much insurance you will need to be sufficiently protected.
Not all homeowners insurance policies are the same. Some are written to cover the market value of a home, while others are written to cover the full replacement value. Depending on the market, this could mean a significant difference in the amount you receive if your home is damaged or considered a total loss. Not only do policies range from basic coverage to comprehensive, but the supplement endorsements that are available may also be different. Before you purchase a policy, read through it thoroughly so you understand what is and what is not included.
Buying a homeowners insurance policy is an important part of homeownership. You need to do your research and shop around until you find a policy that will work for you. Buying the first policy you are offered could spell disaster. Talk to our agents at Liberum Insurance to get started on your customized coverage today. With our years of experience, we can discuss your needs and help you find a policy that is a perfect fit for your family and your new home.
Liberum Insurance is an Independent Agency. We have access to top A-rated carriers so we can provide great coverage at competitive rates. Our priority and fidelity are to our clients first.
