Is Homeowners Insurance Really Necessary for Me?

Homeowners’ insurance is something many wish they could do without. Even though it’s an added expense every month, it really is worth the cost if you consider the alternatives. When your home is properly insured, you are less likely to endure financial hardship if the unthinkable were to happen. Having the right policy gives you the peace of mind to rest easy at night.

Is Homeowners Insurance a Requirement?

Homeowners’ insurance isn’t required by law, but it is required by most lenders. If you let your homeowners policy lapse, your lender may purchase a policy of their own that you will have to pay for. If this happens, none of your personal possessions will be covered, only the bank’s interest. If you want to protect yourself as well as your personal property, you will have to buy your own policy and maintain it for the term of your mortgage.

Financial Security

Your home should be looked at as a large financial investment. It will more than likely be one of the biggest purchases you will ever make. To ensure your financial security, it’s essential to have a homeowners insurance policy to protect you from any type of loss. The right policy will ensure that any damages can be repaired or your home can be replaced up to the cap or limits of your policy.

Protects Your Belongings

In addition to protecting the structures on your property, a good homeowners insurance policy will protect your personal belongings as well. While you may need to invest in a supplemental policy to cover items that are more valuable or are appraised at more than what they originally cost, it’s well worth the price to make sure you are fully protected.

Offers Liability Protection

Your homeowners policy will also offer liability protection in case someone has an accident and is injured while visiting your home. Liability insurance will protect you if any property is damaged as well. If you own a trampoline, swimming pool, or a dog, you may have to purchase special liability coverage for these specific perils.

Alternative Living Expenses

If your home is damaged due to a fire or natural disaster, you may need to find another place to live until your home can be repaired. Alternative living expenses are provided by most homeowners insurance policies. While it may not provide long-term housing, it will help you get back on your feet until you can move back home.

Peace of Mind

We live in uncertain times and it can be frightening to think of what may happen if our home was damaged or destroyed. A quality homeowners insurance policy will provide you with the peace of mind you are looking for when it comes to keeping your family secure. Review your policy every year or so or whenever your circumstances change. This will keep your policy up to date.

If you have questions or concerns about your homeowners’ policy, contact our agents at Duane Weber Insurance, Inc. We have answers that you can count on and will make sure you have the right homeowners policy to suit your individual needs.