Although it is legal to own a home without homeowners’ insurance, there are many reasons why it is extremely important to have home insurance coverage when you own a home. Because of the risks associated with not having homeowners’ insurance, many mortgage lenders require you to have this type of insurance coverage when purchasing a home. Let’s explore the benefits of homeowners’ insurance to get a better understanding of why it is so important to have when owning or purchasing a home!
Large Coverage Areas
Depending on your policy, homeowners’ insurance can offer coverage for a broad range of circumstances. Basic coverage protects against damage due to fire, lightning, hail, wind, smoke, vandalism, and vehicle collision. Broader coverage adds protection against damage due to burglary, falling objects, plumbing freezes, accidental water damage, and ice and snow. Furthermore, your plan can be adjusted to cover earthquakes, flood, power failure, and even nuclear hazard.
Working with an insurance agent, you can tailor your homeowners’ insurance policy to meet your exact needs. You have the option of additional coverage for valuable personal property, which can provide protection for high-value items in your home in the event that they are damaged or destroyed. Lost personal belongings can also be protected by replacement cost coverage. Other add-ons to your policy are available to you that cover more specific areas, like coverage for sewage backup.
Saves You Money
Homeowners’ insurance plans are paid for in monthly premiums that can range in cost depending on the size of your home and the amount of coverage you desire. No matter the monthly cost, you will be saving hundreds to thousands of dollars if and when major interior or exterior damage to your home occurs. The average claim involving interior damage to a home is around $4,000 per incident. Having home insurance coverage ensures low out-of-pocket expenses when things go wrong and can even provide you with temporary living expenses if your home is inhabitable while repairs are completed.
Peace of Mind
Keeping yourself and your family safe in your home should be a top priority, and having homeowners’ insurance is guaranteed to give you peace of mind in knowing your home is protected, inside and out, from any potential damage or destruction. If you are willing to spend the money to buy a home, it’s worth it to spend a little more to make sure that it is fully protected. You’ll sleep better at night knowing your home is covered by a sound insurance plan that you helped create yourself, perfectly suited to your needs.
Freedom Insurance Agency, Inc. is a Maryland insurance agency serving Carroll and Howard counties and the surrounding areas. Our staff is knowledgeable and strives to develop long-term relationships with our customers, making us your best choice for homeowners’ insurance in Maryland. Contact us to inquire further about homeowners’ insurance or to get a quote today!