Your home is one of the most expensive and most valuable purchases you will make. Most banks require homeowners to purchase a home insurance plan to protect their investment in you. A home represents so much for so many people. Protect your home with an effective home insurance policy from Mountain Ridge Insurance Group in Ogden Utah.
Is Home Insurance Required?
If you have a mortgage, home insurance is normally required by the lender. The mortgage company will ask you for proof that your home is properly covered through an insurance provider. The insurance policy helps to secure the loan and makes it easier for lenders to trust you as a homeowner. The home insurance policy is designed to protect your financial investment in the home if it is damaged or destroyed. Failure to purchase homeowners insurance can leave you vulnerable to fines and expensive policies, as your mortgage company will purchase one for you and will charge you for the cost. The policies offered by your lender usually have limited coverage for the homeowner. Plus, most homeowners find their premiums are higher with a mortgage company insurance plan.
What Does Home Insurance Cover?
A home insurance plan is designed to offer protection for your home. There are certain plans that may allow homeowners the ability to cover assets within the home and not just the home and yard. Certain insurance policies will offer financial assistance for individuals injured in the home that are your guest. Here are some of the main things a homeowners insurance policy will offer coverage for:
- House and other structures
- Personal property
- You, your family, and guests on the property
- Hotel and living costs
What Does Homeowners Insurance Do for Me?
Planning for the unexpected can go a long way to prevent yourself from financial ruin. A homeowners policy is designed to safeguard your home and other structures from fire, vandalism, wind, and other hazards. The home policy will come into play when a home has been damaged and needs repair. Review your homeowners insurance policy and check for replacement costs damages for your property, as it provides more financial protection than a cash value plan offers.
Not only do homeowners need to worry about their home and loved ones, they need to make sure all their assets are covered. If your stuff is destroyed or it is damaged, you need to have money to purchase replacements. Appliances, furniture, clothing, and other assets will need to be replaced and can be covered by your homeowner’s insurance.
Homeowners insurance plans will offer family liability insurance, which means it will cover you if there is a lawsuit in relation to someone being injured on your property. The injuries you need to consider are more than just someone slipping on ice in the driveway; you need to consider insurance if you have a pool (even the above-ground pools), trampoline, a deck, and more. Liability insurance will ensure that medical fees are covered along with lost wages if someone is injured on your property and they are unable to work due to the accident.
We recommend homeowners insurance, as they will help you obtain housing if your home has been destroyed. Normally the policy pays for a hotel while your home is being repaired. The policy not only helps you obtain housing, it pays for additional things like storage space, food, laundry, and more.
Contact Mountain Ridge Insurance Group today for more information about home insurance, and how you can obtain fair premiums with adequate coverage for your needs. Call 801.820.6402 to speak to one of our insurance experts.