{"id":45066,"date":"2020-08-15T09:00:13","date_gmt":"2020-08-15T16:00:13","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=45066"},"modified":"2022-04-19T23:12:50","modified_gmt":"2022-04-20T06:12:50","slug":"homeowners-insurance-four-good-reasons","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/homeowners-insurance-four-good-reasons\/","title":{"rendered":"Why Have Homeowner’s Insurance? Here Are Four Good Reasons"},"content":{"rendered":"

Your home is your castle. And whether it\u2019s brand-new or 100 years old, your house is likely your biggest investment. So, it makes sense to protect that treasured investment with a comprehensive homeowner’s insurance policy.<\/a> While insuring your home<\/a> is not required by law, there are a few compelling reasons why you should have a home insurance policy.<\/p>\n

1. If you\u2019ve financed your home, the lender requires it.<\/h2>\n

It\u2019s true that the law doesn\u2019t mandate that homeowners carry insurance, but if you are financing your house, the mortgage company will insist that the property they\u2019ve financed be insured. In most states, lenders are allowed to purchase a policy if you don\u2019t have one and tack the premiums on to your monthly payment. By obtaining your own insurance, you\u2019ll save money and get the coverage that\u2019s best for your needs. Don\u2019t pay the bank more money than absolutely necessary.<\/p>\n

2. Your home is a major investment and insuring it protects you financially.<\/h2>\n

Homeowner’s insurance isn\u2019t always a popular product, but it is an effective one. If your property is damaged due to a natural disaster, fire, vandalism, burglary, etc., the cost of repairs can climb into the tens of thousands of dollars. Homeowners insurance covers not only your primary residence, it ensures other structures like sheds and garages (attached or detached). It\u2019s simple math, really: Just one insurance claim payout can easily total more than you\u2019ve paid in premiums, so no matter what happens, you\u2019re protected.<\/p>\n

3. Insurance covers more than just physical structures.<\/h2>\n

More than the walls and roof and floors, homeowner’s insurance policies insure your precious belongings. Electronics, tools, computers, jewelry, clothing, appliances, etc., are included in your coverage. Depending on your specific endorsements\/riders, your belongings may be covered\u2014even when they\u2019re located outside of your home (golf clubs in your car, for example). If a visitor is injured on your property, your policy protects you. And in the event your home isn\u2019t habitable, temporary living expenses, while being repaired, are also covered by most policies.<\/p>\n

\"homeowner's4. Insurance gives you strong peace of mind.<\/h2>\n

The best possible outcome of having homeowner’s insurance, paradoxically, is never having to use it. No matter how cautious you are as a homeowner, however, things happen. Perhaps a clumsy delivery driver slips on your stairs and injures himself. Maybe a negligent utility company doesn\u2019t maintain power lines and a fire breaks out like the 2017 fires in Northern California that decimated entire neighborhoods<\/a>. Even high-net-worth people can face financial hardship if not properly protected against loss.
\nAs you can see, homeowner’s insurance is an affordable, convenient way to protect yourself, your home, and your family. If you\u2019re taking out a mortgage, you\u2019ll have to have insurance at or before closing. But don\u2019t just go with the first company your bank refers you to. Be sure to shop around for the coverage that not only fits your needs but is from an insurance company that\u2019s reliable and that has a strong reputation. It\u2019s also important to take an inventory of your personal belongings\u2014as Hippo Insurance found most Americans don\u2019t have the right type of insurance<\/a> or don\u2019t have enough coverage\u2014and the last thing you want is to find out after you\u2019ve made a claim that you\u2019re under-insured.<\/p>\n","protected":false},"excerpt":{"rendered":"

Your home is your castle. And whether it\u2019s brand-new or 100 years old, your house is likely your biggest investment. So, it makes sense to protect that treasured investment with a comprehensive homeowner’s insurance policy. While insuring your home is not required by law, there are a few compelling reasons why you should have a home insurance policy. 1. If you\u2019ve financed your home, the lender requires it. It\u2019s true that the law doesn\u2019t mandate that homeowners carry insurance, but if you are financing your house, the mortgage company will insist that the property they\u2019ve financed be insured. In most […]<\/p>\n","protected":false},"author":3,"featured_media":45072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,223,48],"tags":[80,49,116,53,121],"class_list":["post-45066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","category-buying","category-real-estate","tag-buyer-tips","tag-buying-a-home","tag-insurance","tag-real-estate","tag-unexpected_costs","post--single"],"yoast_head":"\nWhy Have Homeowner's Insurance? 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