1. Why home insurance is essential for
home?
Some apartments may require rental insurance so home insurance is not required there. Hence, most of
the people think that taking only car insurance is important and skip the home insurance to save their
little money. Sometimes home insurance is required at the time of mortgage of a home. Insurance of
home is considered a way to protect your assets from damages. There are some reasons that are
explained why home insurance is essential.
Protect your property:-
Home insurance plans protect your home from floods, fire, any kind of theft happened in home and
lead to expensive damage to your home. A home insurance policy covered all the losses. Under the
insurance plan you could be provided money for the home repairs or apartments. Personal belongings
also covered in the insurance plan.
Legal protection:-
If any accident happen to the people from your property, then your home insurance company gives you
fund for hiring a lawyer for you. Without any homeowner insurance you have to pay the fees of lawyer
on your own and pay the settlement for the injury.
Obtaining a mortgage:-
Many lenders require that you are having a home insurance policy at the time of mortgage. It is usually
required purchasing an amount of insurance that will cover the loan or mortgage amount. Many times if
you want to cancel your home insurance policy, then the lender purchase insurance policy from you and
you will be billed.