Everyone knows that it’s just plain good sense to have health insurance. In most states, it’s illegal to not have car insurance. But no one talks about home insurance. No one forces you to get home insurance. And yet home insurance is probably the most important kind of insurance you can buy. Why do you need it? How do you get it? How can you pay for it? It’s time to find out everything you didn’t know about home insurance and how easy it is for you to get it.
What is Home Insurance?
Home insurance is also called homeowners insurance. In short, it protects your investment. Home insurance provides funds for you to use if your property is damaged in some way due to weather, malfeasance, or accident. Suppose a terrible storm knocks over a tree in your front yard and the tree falls on your home, severely damaging the roof. Home insurance will cover the cost of that repair! The cost of buying a new roof and repairing the resulting structural damage would break most people. Paying for this expense yourself would most likely require you to take out an entire second (or third) mortgage on your home. Having home insurance means that none of this will be necessary.
A home insurance policy can cover everything from theft to property damage. However, it’s not standard for policies to cover flood damage. If you live in an area that is prone to flooding, ask about adding a flood addendum to your policy or obtaining a second flood insurance policy.
The Truth About Homeowners Insurance
Homeowners insurance protects you from fire, tornadoes, and all kinds of disasters. Simply having a policy can make the biggest difference in your life. But there are a lot of things about home insurance that people don’t know or don’t understand — like who pays for it, and how to get it.
Most insurance companies offer home insurance, but so do mortgage companies. Many mortgage companies actually offer their own policies. Those companies which do not typically work with a single insurance company that does provide home insurance policies. They can integrate your home insurance cost into your mortgage. This way, you’re actually paying for that insurance every single time you pay your mortgage. You can also bundle your home insurance with your car insurance. Talk to your auto insurance agent or company to find out how to do this. The price of your payment will raise only slightly because of the bundled option.
Don’t Live Without Home Insurance
Every homeowner needs home insurance. Call around to get quotes if you don’t have a policy. Talk to your mortgage company and your car insurance companies. Talk to your life insurance company, or health insurance company. Companies that offer insurance typically offer multiple types of insurance and often provide deals for insurance bundles. About 13% of U.S. drivers don’t have auto insurance. But no one can afford to not have home insurance.
