For most of us, our home is the biggest investment we will ever make. Our homes provide shelter to our loved ones, house our property, and serve as the backdrop of a lifetime of memories. Protecting your largest financial asset is certainly important to you, but to do this is homeowner’s insurance really necessary? The answer is most assuredly yes for a multitude of reasons.
Insurance is required to finance your home
Most banks, mortgage companies, and other lenders require that a home which they are financing have at least the minimum amount of coverage to protect the structural value of the home. Proof of insurance is usually required upon closing of a property and is necessary to maintain financing terms once ownership of the home is taken. If your homeowner insurance coverage of the structural value of a property lapses, it is at the discretion of the financial lender by law to secure what they deem as an adequate homeowner’s insurance policy – often at a premium cost to the homeowner themselves. According to US News and World Report, homeowners can anticipate repair costs to their home’s structure of 1 to 4% of their home’s value on an annual basis.
Homeowners insurance provides a property owner with protection of both structural and asset damage. Did you know, in 2015 the National Weather Service totaled property damage due to weather related incidents in the United States at approximately $4.2 billion dollars. According to Uniform Crime Reporting Statistics, in 2014, burglaries occurred at a rate 542.5 for each 100,000 people of population. Homeowners insurance can be obtained by a homeowner to protect their home from property damage, natural disaster and weather related damage, and property theft thereby providing peace of mind no matter what incident may impact their home.
Regardless of what questions you may have about what homeowners insurance, or what your individual homeowner insurance policy needs may be, speaking with a professional with the expertise to analyze your individual situation is the vital next step to take in protecting your home.
Call Peter Green Insurance at 714-258-2800 or 888-725-7776 to get your homeowner’s insurance questions answered and to receive a no obligation quote today.