Understand the basics to home insurance and why you should know the nuts and bolts of it.
Homeowners insurance (for home owners) is a fact of life—you can’t live in a home without it. It’s often viewed as a policy with two faces, and which face is looking at you depends on your personal experience. Some view it as a necessary evil, while others will say that it’s piece of mind in times of crisis. This guide should help cut through the jargon and the mountains of paperwork involved in home buying and home insurance.
1. Why Mortgage Companies Require You to Purchase Insurance
If you have a mortgage, it is very likely that your lender made sure you you had homeowners insurance. The reason they do this is because they are the true owners of “your” house, and will like for you to protect their investment. Should a fire destroy the house and it doesn’t have insurance, they just lost hundreds of thousands of dollars.
2. Don’t “Go Bare”
“Going bare” is an industry term describing a person that lives in a house without home insurance. If you’re independently wealthy and your home is but a small percentage of your total income, then it makes some sense to go bare. But the 99 percenters who have middle-class jobs simply cannot afford the kind of funds that go along with replacing an entire house. If you think “it won’t happen to me, I’m careful!” That’s what everyone who has ever gone through a tragedy said only moments before the tragedy struck.
Stay tuned for more information on The Homeowners Guide to Home Insurance! With all of the work you put into maintaining your home, it just doesn’t make sense to have a homeowners insurance that won’t work hard for you! To get great coverage for your Connecticut home, contact CV Mason Insurance Agency in Bristol today.