Although you know your home is the largest investment you are likely to make in your lifetime, sometimes you may wonder why you pay someone a monthly insurance fee that you never make a claim on. With disasters rampant in the news of late, you have probably seen how vulnerable homes are to storms, fire, floods, and other violent attacks by Mother Nature. Here are three reasons to safeguard your home with homeowners insurance.
It Protects Your Responsibility
Your mortgage lender will require homeowners insurance Mount Dora FL, but that is not the only responsibility you have regarding insurance. If someone becomes injured on your property, your insurance provider will cover you during the lawsuit. The coverage includes medical bills, legal fees, and lost wages. Some policies even cover the liability while you are away from home, such as a neighbor falling on your property.
It Protects Your Personal Property
If your home is vandalized, burglarized, or set on fire, your homeowners insurance policy typically covers the damage. Also, you may be surprised to know that your personal belongings are covered by your policy no matter where the items are. If your child takes a personal possession to school, it is covered. If your laptop is stolen from your vehicle, it is covered.
It Protects Your Home
A homeowners policy generally covers the structures on your property, your home, and your personal items surrounding your home. This protection often includes vandalism, fire, tornadoes, thunderstorms, hail, and wind. For a small additional fee, many people also purchase flood protection for their property. What the coverage includes is the rebuilding and replacement of the property destroyed by weather forces. This can include limited damage or total reconstruction of your entire household.
Although the law requires you to purchase homeowners insurance when you purchase a home, there are other good reasons to maintain the insurance for the life of your mortgage. If weather damages your home, vandals raze the contents, or your child loses your favorite keepsake, a homeowners policy can protect you.