When buying a home there are a lot of different expenses you will need to consider, and one of the most important is your homeowner’s insurance. A good homeowner’s insurance plan is essential in protecting you and your home from disaster. When you are looking to buy a home or you are in the market for a quality insurance there are certain aspects of an insurance policy you will want. When looking for a quality insurance policy, InsureWise LLC will share some of the important aspects to consider.
Policy to Protect Most Valuable Assets
A home is often considered a family’s most important or valuable asset. Without a steadfast home, the welfare of your household is at risk. A home can develop a number of different problems. Some problems can lead to very expensive repairs that are way beyond what homeowners can afford. You cannot allow your home to fall apart. This is where a good homeowner’s insurance plan is your lifeline. With the right policy and add-ons, you can protect your home from fire, storms, flooding and other disasters. However, one of the biggest disasters that no one can stop is time. Time will have a way of deteriorating just about everything. The home’s roof, foundation and structure can be compromised simply due to time. There may come a time when you will need to replace your home’s roof, or perhaps the foundation has cracked due to shifting. When looking into a homeowner’s insurance policy to protect your home, focus on the limits of the coverage that the policy is willing to provide. Make sure you are satisfied with the coverage of the policy. When looking over the policy, many homeowner’s will pick a policy that covers less simply to make it cheaper. However, it is a gamble that disasters will not ever occur.
Do Lenders Require Homeowners Insurance?
If there is a mortgage on the home, the lenders may have a condition that requires you to have an adequate insurance policy. This is because the lender has something to lose, which is the value of the home. If the home is damaged or disaster occurs, the lender has lost their only asset. Until a home is paid and owned by a homeowner, more often than not, the lender will require a full coverage policy. When you are buying a policy because a lender is requiring one, you will be named “the insured”. This can be a bit confusing and as a homeowner you must understand how the insurance company and the policy works in this scenario. If a claim is filed, the insurance company pays the lenders or will come in the lender’s name. You will need to sign the check over to the lender to be held in escrow which will pay out the repairs. Basically, you never get the money directly. This ensures the money isn’t being used for anything but the repairs. As a homeowner, it is important to understand this basic procedure.
Homeowners Insurance & More in Phoenix, Tucson, Mesa, Chandler, Scottsdale, Glendale, Gilbert, Tempe, Peoria, Surprise & State of Arizona
When it comes to a homeowner’s insurance policy, there is no one size fits all. Each policy is tailored due to the request of the homeowners or the lenders. If you are on the market for a quality homeowner’s insurance policy, contact InsureWise LLC or fill out a free quote online to get started today.