Is Homeowners Insurance Required?
Home insurance is usually required by home mortgage lenders. It’s a wise coverage to have even if you’ve paid off your mortgage and it’s no longer required. Anyone can be at risk of suffering losses to their home. In the event that this happens, homeowners insurance is there to help you rebuild your home without spending money you may or may not have. Not all types of perils are covered by homeowners insurance, so make sure to read the list above about what you can expect from a home insurance policy.
Don’t assume that your home insurance will take care of broken down appliances, however. Only a home warranty would take care of an appliance (unless it’s a built-in system). Also, if you don’t properly maintain your home and all your home systems, you won’t necessarily be covered by home insurance. For instance, if your roof was in bad shape before a storm destroys it, you may only be covered partially for a new roof.
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