There are several reasons to buy home insurance. Often it is purchased because there is a mortgage on the home and insurance is required by the lender.
Outside of this, home insurance covers the loss of the home and its contents from a catastrophic event like a major storm or disaster.
Additionally home insurance offers liability protection from people who get injured while at your home and who sue you for damages sustained from such an injury.
Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
Home insurance is the most effective way to manage the risks associated with owning a home. Plus many mortgage companies will require you insure the home to protect their investment. Home insurance policies protect against fire, wind, hail, vandalism, wind damage and many many other perils. One way to lower the cost of homeowners insurance is to raise your deductible to mitigate some of the premium (if that is your concern). All in all, homeowners insurance is a cost effective way to give you piece of mind, protection for one of your life's most important assets, and make you eligible for a mortgage. Hope this answer helps!
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Outside of this, home insurance covers the loss of the home and its contents from a catastrophic event like a major storm or disaster.
Additionally home insurance offers liability protection from people who get injured while at your home and who sue you for damages sustained from such an injury.