Why Do I Need Homeowners Insurance?

Fires, floods, tornadoes, major storms and random acts of God: Could you afford to repair or replace your home and belongings if they were destroyed? The vast majority of Americans can’t, which is why we buy homeowners insurance. The benefits of homeowners insurance are pretty straightforward. If you’re new to homeownership, however, you might need a refresher.

Read on to learn why it’s one of the most important purchases you can make:

  • It might be required: In many circumstances, homeowners insurance is required. For example, if you got a mortgage to help pay for your home, your lender is probably going to require you to have insurance. After all, the home isn’t officially yours until you pay it off, so the lender will want to protect their investment. Both of you lose out if you don’t have homeowners insurance.
  • It protects your home and other buildings: You probably know that homeowners insurance protects your main home—but did you know that it also protects your other detached structures, too? Detached garages, sheds, fences and other buildings should be covered under your policy. There may be certain limits, but some coverage is better than none at all.
  • Protect your belongings: It’s not just your home that you want to protect—it’s everything inside of it, too. No one wants to lose their valuable jewelry, electronics or furniture in a fire, let alone their sentimental items. Homeowners insurance is designed to protect you if you lose your belongings as well as your home. Your insurance company will reimburse you (within policy limits) so that you’re not starting over from scratch.
  • Make sure you have a place to stay in case of emergency: Many homeowners insurance policies include “loss of use” policies. That is, if your home is too damaged to live in while it’s being repaired or rebuilt, your insurance policy will provide a place for you to stay. They may also cover food and travel expenses, depending on your specific policy. This is important: If you lose your home and your belongings, the last thing you’ll want to do is try to find a place to stay while it’s being fixed—nor should you have to pay out of pocket for a new place.
  • Get important liability coverage: Finally, homeowners insurance protects you if someone gets hurt on your property. Depending on the laws in your area, it’s easy for someone to get hurt on your property and sue you for their medical bills and other costs. If you don’t want to pay for those items out of pocket, it’s crucial that you get a good insurance policy. Ask your agent to help you figure out which policy type is right for you and your home.

Don’t put off buying this insurance—homeowners insurance benefits far outweigh any premiums you’ll pay. Reach out to Harvey Sarles Insurance Agency today for help choosing the right home, vehicle and other insurance policies. We’d be glad to sit down with you and learn more about what you need out of a policy.

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