Home insurance can be defined in simple words as a contract between a property owner and an insurance company. The contract defines all the terms and conditions of the home insurance. It includes a guarantee that the insurance company will provide cover against damages covered on condition that the insured will continue to pay the agreed premiums on time. According to Miami FL, Insurance Agent Randy Marzullo, the contract also explains the acceptable causes of damage and exclusions. There is a lot more coverage that can be offered, all depending on the type of policy.
Why Home Insurance?
Protecting your investment
Your home might be among your biggest investments make. Unlike cars and other things, which depreciate over time, your home is likely to appreciate. Thus, you need to ensure that it is covered. You will not want to lose all that you have invested in it, in the event of a disaster. An affordable home insurance will come in handy for such a case.
Adherence to set requirements
Getting home insurance is sometimes a requirement that you have to do. This is usually the case when trying to get a mortgage loan for the home. The bank will require that you insure the house against any imminent peril. The reason behind that is, the house acts as collateral for the loan, and the bank has to have its interests protected. Furthermore, if anything was to happen to the property, you will incur the loss, as the bank will still expect you to repay the loan.
It might not be your intention for someone to get hurt while on your premises, but an accident might happen. During a disaster, the damage to your property might affect your immediate neighbor. For both scenarios, you will be faced with liability cases that you have to take care of. A home insurance policy can take care of such liabilities for you. The portion of responsibility is supposed to cover injuries sustained while in your property as well as the damages caused to the neighbor’s property.
Peace of mind
Having peace of mind is one of the greatest gifts that a homeowner can get, about the wellbeing of his property. Getting home insurance brings you this gift as you will not have to worry about anything again.