There’s no denying homeowners insurance is important, but most homeowners don’t completely understand all the benefits that they are getting from their insurance. Below are five benefits of having homeowners insurance.
It’s required by your mortgage lender
The minimum amount of homeowners insurance that you need depends on the size of your mortgage. If you fail to get the proper insurance, your lender will purchase a policy in your name and charge to your monthly bills.
Protects your home and other structures on your property
Homeowners insurance can protect your home from several hazards. These hazards include: wind damage, fire, vandalism, tornadoes, thunderstorms, and hurricanes. Whether the damage is small, or large there are steps in place that will help you pay for repairs.
Covers your personal belongings
Many homeowners believe that their insurance only protects their home, when in fact it protects many other things. If your belongings are stolen, or destroyed homeowners insurance may reimburse your for the value of those items.
Protects you from liability
If someone is injured on your property, homeowners insurance can protect you if a lawsuit arises as a result.
Covers temporary housing after a disaster
If you are unable to live in your home due to damage, your homeowners insurance may help cover the cost of temporary housing.
Ultimately home insurance gives homeowners peace of mind, knowing that there is a safety net in place to protect both them and their family.