What is Homeowners Insurance, and Do I Need It?

When it comes to monthly bills and added expenses, many people cringe at the idea of having yet another bill to take care of. However, if you have not thought about purchasing homeowners’ insurance, it is important that you give it a good consideration, as it will protect you and your family, and your most important and expensive asset – your home! If you do not know much about homeowners’ insurance, we will take you through some of the most important things that you should know.

Purchasing homeowners insurance is a smart decision to make for a variety of reasons. First, it will protect your house if there are any severe damages to it, such as a fire, lightning, any storms or environmental events, or vandalism. To note, some types of insurances do not cover earthquakes and/or flooding, so it is important that you check with your insurance carrier if that is something that happens often in your area.

Homeowners insurance also protects you in case anyone injures themselves on your property. This is key because, if someone suffers a severe injury from something damaging and unsafe on your property, it could cost you thousands of dollars, and even your home. Many homeowners’ insurances do have liability up to certain limits.

When looking into different types of homeowners’ insurances, make sure to check on the deductibles, which is the amount of money that you will need to pay out-of-pocket before your insurance kicks in and provides coverage. It is also good to know that your insurance company can deny coverage completely if an injury or damage is a result of you neglecting your property and/or giving it faulty maintenance. When it comes to situations such as mold, these are covered depending on the situation.

All of these things are important to take into consideration when looking into homeowner’s insurance. While no one wants extra expenses, protection like this is worth the cost!

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