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Do I need a home insurance policy?




  House "title =" Fancy House Home Sunset "src =" http://www.maysinsurance.com/wp-content/uploads/sites/2939/2020/07/Fancy-House-Home-Sunset.jpg " There is no law that says you have to buy homeowners insurance if you own a home, as stated by the Insurance Information Institute (III), but very few homebuyers can pay cash in advance for such an expensive purchase. Most will need to finance most of the cost of a home, and that means going to a mortgage lender.As a condition of getting a home loan, a mortgage lender will require you to insure the homeowner's insurance throughout your mortgage.


<h4> Why mortgage lenders require insurance coverage for homeowners </h4>
<p>When a mortgage company borrows hundreds of thousands of dollars for a home purchase, the home serves as collateral for the loan. Lenders want to protect their investments if a disaster destroys or seriously damages the property. For that reason, they insist that borrowers who buy a home have the protection of a homeowner's insurance that will pay for the house to be repaired or rebuilt in a covered loss.</p>
<h4> Insurance coverage you will need in your home to satisfy your mortgage </h4>
<p>Your lender may require you to insure homeowners who provide protection against fire, hail, lightning, hurricanes, tornadoes and other natural disasters, depending on your area. If you live in a flood zone, your mortgage company will also require flood insurance, which is not included in a homeowner's insurance, but can be purchased separately. If you live in California or another area that is prone to earthquakes, your lender may require you to purchase separate earthquake insurance.</p>
<h4> Homeowners Insurance protects you as well as your lender from loss </h4>
<p>If you are like most people, your home is one of the biggest investments you will ever make. A disaster, such as a fire, tornado or hurricane, can destroy your home and the belongings it contains in a matter of hours or less. Even after your mortgage has been paid ̵<div class=

1; or if you paid in cash or inherited the home – it makes financial sense to keep your homeowners insurance coverage, to protect one of your largest assets. The property is not only security for your lender – it is also your home.

A Homeowners Policy Can Help You Protect Yourself from Liability

A standard homeowner policy can also protect you from liability if someone else is injured on your property, or if you, a family member or even a pet inadvertently damages property belonging to another. For example, your homeowners liability insurance would apply in the following scenarios:

  • Your teenage daughter invites a friend who travels on a vacuum cleaner cord and falls and breaks her wrist.
  • A large tree limb in your garden falls on your neighbor's property and causes structural damage to his or her fence. [19659004] A home is a significant asset. If you own a home, you need homeowners insurance, not only to satisfy your lender, but also to protect your significant investments in the purchase and maintenance of the property. Our experienced agent can help you get the best deal on a homeowner's insurance and any extra coverage you may need to protect your home.
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