The promise of insurance is that it will cover the financial cost of expensive and unexpected negative events. However, not all types of insurance are worth picking up. Because of this, only some types routinely make it to people’s list of needs. One of these types is homeowners’ insurance. Here are three big reasons this type of coverage is considered essential:
Your Lender Insists on It
For most people, this is the primary reason they pick up coverage. Lenders want to know that if there’s a fire, flood, tornado or other catastrophe, their investment isn’t going to evaporate. A coverage requirement ensures that they are safe from this possibility.
You Don’t Have to Worry About Catastrophic Repair Expenses
While most home repairs are within the range of affordability, catastrophic damage is another story. A tree through the roof, a fire or a huge windstorm can cause a house to need thousands of dollars’ worth of disaster repair services in Atlanta. Proper house insurance will cover this cost, and even better, a good policy will pay for you to stay somewhere else while repairs are made.
Non-catastrophic damage is also covered. This is important since it allows repairs to be made before a damaged area gets worse or causes more problems.
It Covers More than the House
Insurance companies typically bundle a variety of coverages under the umbrella of “homeowners’ insurance.” These extra coverages include protection from the costs associated with theft, liability for injury to guests, vandalism and more. The one thing that isn’t covered under a standard policy is flood damage. For that, you’ll need to pick up separate coverage.
Thanks to the benefits of house insurance, most people don’t complain about having to carry it. In fact, they continue to keep it after their mortgages have paid off. To learn more about this essential coverage, just give us a call.
