Much like automobile insurance, homeowners insurance is becoming increasingly popular, and necessary for homeowners to have. It covers not only your home, but others on your property as well. How do you know if you need it?
Optional or Necessary?
Homeowners insurance is one of those optional coverages that most people don’t take advantage of. As a homeowner, you may have heard your bank or mortgage lender encourage you to get homeowners insurance. They may have given you some valid reasons why you should. And they’re right. Homeowners insurance doesn’t just give the mortgage company the satisfaction of protecting from environmental hazards; it literally ensures that the homeowner will be financially prepared for unforeseen problems.
Every homeowner should get homeowners insurance based on their geographical area and what their lender suggests. For example, in sunny Florida, while we like to put up our hurricane shutters, we cannot control the weather’s true severity. A homeowners insurance lender here in Port St. Lucie, FL will offer the best rates and policy coverage for your specific region.
Natural disasters are not controllable. From tornadoes, to earthquakes and even the dreaded snow blizzards, no home is guaranteed to stand up to the test of the weather elements. Every homeowner needs to be prepared to some degree. If a home is utterly destroyed to the point of no use due to weather hazards, homeowners insurance can cover your loss and other expenses. It is truly a saving grace.
Believe It or not homeowners insurance actually protects you and your family from lawsuits. Accidents can happen in and around your property, and that means anyone from your neighborhood coming to visit, to your very dear friend. Should anyone sustain bodily injury on your property, your insurance company can support you. For example, if somebody comes to visit and is injured by falling and tripping over something on your driveway, and they proceed with a lawsuit, some policies can provide up to $100,000, depending on the medical bills and damages to the person.
Another benefit of getting homeowners insurance is the option to replace what you’ve lost. Depending on how much you and your lender discuss, you can actually get the cash value or the replacement cost for your possessions. Destroyed possessions are an awful thing to encounter, especially after a natural disaster. You can get value for things such as furniture and appliances and even clothing. Anything that is yours can be added to your insurance policy, even if it’s not on site! Yes, even self-storage units are considered your property to your home!
Last but not least, your homeowners insurance protects the equity of your home. For example, when you start a home renovation project, the equity of your home increases, making the property value go up each year. Should something tragic happen to your home, homeowners insurance protects against loss so you don’t have to build that equity again.
Whether you’re buying a new home or you’ve been in your current home for a while and you don’t have homeowners insurance, it’s best to call your local homeowners insurance Port St. Lucie, FL agent right away. Don’t wait for this small benefit that will ensure your home and family safety for years to come. Triple L. Insurance offers property and homeowners insurance for renters, condos, and more in the Port St. Lucie, Florida area! Call today.