Making the decision to own a home is a big step in anyone’s life. That’s because not only are you choosing where you’re going to live, but you’re also laying down a large sum of money. After all, now you have to pay mortgage and property taxes. Then there’s the insurance, which will increase your monthly house payments even more. However, while it may feel like an added hassle, home insurance is vital to own.
Protects the Home’s Structure
Within a homeowner’s insurance policy it is stated that if any damage happens to the structure of the home, then the property is covered. The insurance company will pay the cost of rebuilding the home, but only for the amount of money listed in the coverage documented on the policy. That’s why you want to make sure that whatever amount is found in your policy is accurate to what it would take to rebuild the structure of your home. The insurance company can also help you come up with the right amount of coverage needed for your property.
Covers Replacing Belongings
Home insurance also covers the items in your house in the case of any serious damage happening. While some people feel that their belongings aren’t of value, you should still protect yourself with this kind of coverage. That’s because replacing all of the items in your house would definitely cost you a great deal of money, even if the belongings themselves didn’t cost much. The best way to figure out how much coverage you will need is by compiling an inventory of all the items in your home. You can even use this list if you need to file a claim down the road. Valuable items like antiques and artwork often require a rider to get coverage. This rider would simply be extra insurance added onto your regular home insurance policy.
Offers Liability Coverage
While of course no homeowner expects people to get hurt on their property, sometimes accidents happen. That’s why with home insurance, you’re covering yourself from any potential liabilities that may occur. Whether the mail carrier slips on an ice patch on your driveway or your dog bites one of your friends, home insurance protects you from any possible lawsuits that stem from injuries obtained on your property.
Included with Mortgage Contract
Many times when a homeowner takes out a mortgage on their property, their contract requires that they put down a home insurance policy as well. That’s because the lender loaning you the money for your mortgage now has a financial stake in your home. To cover themselves, they will make you obtain home insurance. Some companies will even put their own insurance policy on your home if you can’t provide a home insurance policy on your own. Typically, it’s cheaper when you provide the home insurance yourself than when the mortgage company does it.
It’s clear that when you purchase a home, insurance is something you can’t skip out on. It is crucial for covering not only the property, but the homeowner as well. Remember, there’s plenty of types of affordable home insurance to choose from, so take action now to protect yourself.
This article was contributed on behalf of Rockland Insurance, your number one choice when looking for help with where to find Tomball home insurance. Check out their website today and see how they can help you!