Having home insurance is arguably one of the smartest investments you can make as a homeowner, as it can protect your most expensive asset.
Disasters or emergencies can strike whenever, without warning, potentially leaving your house in a mess. To protect yourself against these unexpected events, homeowners can protect themselves and their property by purchasing homeowners’ insurance. The basics behind homeowners’ insurance are to make sure your finances are not devastated after a loss. But is having homeowners’ insurance necessary?
Continue reading to find out why it pays off to have this type of coverage.
The Value of Home Insurance
A home is one of the most valuable assets a person has, and this insurance plays a large role in protecting that investment and you and your family in several ways.
Homeowners’ insurance is required for some people. For example, those with a mortgage are obligated by their lenders to have home insurance. In fact, before your lender will fund or refinance your mortgage, you must show proof that you have adequate insurance. The requirement is to protect their financial investment in your home in the unfortunate event your home becomes damaged or destroyed. Furthermore, if your home is located in a high-risk area for earthquakes or flooding, you may also be required to purchase additional policies, such as flood or earthquake insurance.
What Can This Type of Insurance Do For You?
Should your home and any attached structures, such as a garage or porch, become damaged by a covered peril, dwelling coverage can help foot the bill for repairs. How much dwelling coverage you need is typically determined by the amount of square footage in your house and how much it would cost to build it from the ground up — not necessarily its market value. If your home is unlivable after a flood or another covered event, your insurance may help cover temporary living expenses, like paying for a hotel. If another structure, such as a detached garage or fence, on your property, is damaged by a covered peril, homeowners’ insurance can help pay for repairs or replacements.
On top of that, your policy can help in events where your personal property is lost or stolen. It can also provide personal liability coverage and help cover repair, legal, and medical costs if you or a family member accidentally damage someone else’s property. Your homeowner’s insurance can also kick in if a visitor is injured on your property and help cover their medical expenses.
Contact Bear River Mutual
Home insurance is the financial security net to give you the peace of mind you deserve. Protect your investment and your finances with homeowners’ insurance.
For affordable insurance that meets your needs, contact the experts at Bear River Mutual. We offer package that include coverage for damage to your property as well as your liability. If you live in Provo, Orem, Salt Lake City, or an area in between in Utah, we are dedicated to creating a policy that works for your home, family, and budget. Get your fast and free quote by contacting us today.