Homeowner’s insurance isn’t a strict legal requirement in most cases, but if you take out a mortgage or a second mortgage on the home, the lender will probably require it. The experts at Perry Insurance Agency can walk you through what homeowners policy is best suited to your home in Vernal, UT. In the meantime, take a look at some information to help you understand what homeowners insurance covers.
What Does Homeowners Insurance Offer?
Homeowners insurance gives owners protection from a number of covered events that cause damage or destroy their property. This financial protection is critical in the face of such a devastating loss.
Legally, you can technically own a home without carrying insurance on the property. However, not many people are comfortable risking everything without the chance of regaining their loss through an insurance carrier.
Most homeowners insurance policies include liability insurance. There are two main categories of liability protection, property damage, and personal injury. Liability insurance takes care of the cost of repairs if your home is damaged from an event written into the policy. It also pays for bodily injury for anyone injured while on your property. Ask your insurance agent how much liability coverage you may need.
Why Do Mortgage Lenders Require Homeowners Insurance?
Homeowners insurance helps mortgage lenders guarantee they can get back their investment if a home is damaged or destroyed due to an unforeseen event. Therefore, they’re likely to require a homeowners policy as a condition of getting the home.
Your representative at Perry Insurance Agency in Vernal, UT can walk you through the most likely options needed to protect yourself from catastrophic financial damage for covered events. Contact us with your questions and to schedule an appointment for a quote. We can help you find insurance in over 24 states!