Do I Really Need Homeowners Insurance

Do I Really Need Homeowners Insurance

It’s no secret to homeowners that your home is likely your biggest investment. When it comes to investments we make in our lives, it’s typically a home or a business that we invest most of our money in. When it comes to these large investments, you’ll want to safeguard yourself against various vulnerable risks, which is where homeowners insurance comes in. Liability from injuries sustained on your property, vicious storms rolling through, or the potential for fire can quickly put you and your investment underwater. Homeowners insurance protects you from all of these elements and ensures your home and your ability to own that home remains safe.

 

The home buying process is notoriously stressful, and it can take months until you’re finally moving into that dream home. Homeowners insurance may seem like more paperwork, more research, and more “work” than you’re interested in, but it’s something that’s necessary to home buying as a whole.

 

The Reasons Why

 

For those going through the home buying process, you may be wondering why you need homeowners insurance and why it’s such a crucial part of the buying process. A few reasons why home insurance is a necessity, not a novelty, are:

 

  • It’s likely required by your mortgage lender – If your home is destroyed, and you’re unable to keep up with the payments along with making the necessary repairs, who takes the most damage from that loss? Likely the lender who provided you a mortgage for that home. It’s for this reason that most mortgage lenders will require homeowners insurance before your mortgage is approved. In most cases, you can choose your own suitable homeowner's insurance policy or your mortgage lender can choose one for you.

 

  • It protects your from home loss – No matter where your home is located, you’re never completely safe from disasters. Even if your area isn’t a common one for hurricanes or tornadoes, that doesn’t mean one can’t make its way through or fire cannot strike in your home when you least expect it. Your homeowner's insurance protects your home from loss due to catastrophes of any sort.

 

  • It protects your liability – If a person is walking through and slips on your sidewalk due to icy conditions, you could be held liable. The damages sustained in these accidents can rise into the tens of thousands of dollars or more, which will be your responsibility unless you have the policy to protect you. Your homeowner's insurance protects your liability so you’re not caught paying damages after an accident lawsuit.

 

Protecting Your Home Base

 

Protecting your home gives you the secure, comfortable, and safe environment you want from your home. Choosing the right policy for your family and your home ensures you remain protected. If you’re looking for a simple and straightforward approach to homeowners insurance, we have just what you need. Contact us at Panorama to learn more about what we can offer to you and your home for complete security today.

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