Top 3 Reasons To Get A Cost-Effective Homeowner’s Policy

Insurance isn’t usually something people like to spend money on, and owning a home has enough expenses without adding the cost of insurance. After all, you can’t see it or really enjoy it! But if you want to protect your home, a homeowner’s insurance policy is something you can’t afford to skip.

The good news is, it doesn’t have to be expensive. Working with PA Auto Insurance Outlet can help you get a great rate on high-quality coverage, so with minimum investment on your part, you can have the peace of mind of knowing that your greatest asset is protected.

Here are our top three reasons it’s a smart investment to get a cost-effective homeowner’s policy:

  1. You’ll have protection against more than just damage to your home. Many people assume a homeowner’s policy just covers their home, and don’t realize the full extent of coverage that it can provide. For example, many homeowner’s policies cover your possessions, like jewelry or technology. They may also cover structures that are on your property but not attached to your actual house, like a garden shed or separate garage. Some homeowner’s policies even offer protection against a lawsuit someone could file against you if they fall on your property or are injured on it somehow. Every policy is different, so it’s important to talk with your insurance broker about the exact terms and coverages of the policy you are considering, but it’s also important to keep in mind that homeowner’s policies usually have broader coverage than simply the physical structure of your home.
  2. Many homeowner’s policies have liability coverage included in them as a standard feature. If a person on your property experiences some accident that causes them to be injured, they can sue you not just for their medical expenses, but for a wide range of damages like pain and suffering, and even lost income. If the court decides against you, you could even be liable for all of the legal fees. In a situation like this, the amount of the damages usually far exceeds the ability of any single person to pay out of pocket. The liability coverage that comes with many homeowner’s policies can keep you from losing your home and all of your assets in the event that someone sues you and you are found to be at fault by the court.
  3. You might actually be required to have a homeowner’s policy. This requirement is not a legal one—there is nothing in state law that says a homeowner has to carry insurance on their home. Where the requirement may come in is with your mortgage company. Most mortgage companies will not extend a new mortgage to someone, or even refinance an existing mortgage, without proof that you have homeowner’s insurance. Why? Because mortgage lenders need to protect their investment, and if your home is damaged or destroyed by a storm, fire, or other event and you don’t have the money to repair or rebuild it, they have lost the money they lent you to purchase your home. For this reason, if you live in a part of the country that has a high risk for earthquakes or floods, you may even be required to carry additional insurance that covers damage to your home from these catastrophes.

With all of these benefits, and with the knowledge that homeowner’s insurance may be required by your mortgage company, it’s clear to see that it’s a wise choice for homeowners. Give the experts at PA Auto Insurance Outlet a call today to find out how to get the peace of mind of a great homeowner’s policy at a price that works for you!

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