The Importance of Homeowners Insurance

The thought of having to pay money monthly to an insurance company is not anything that people would like to think of, especially when it is for an intangible object. But homeowners insurance is not only necessary, it is a good investment. There will come a time and point where one is going to look back and be thankful that they had homeowners insurance.

Lenders Require Homeowners Insurance

Many lenders will require homeowners insurance prior to approving a loan. Banks more often than not fund close to eighty percent of the home’s initial value at the time of sale, so homeowners insurance is a necessity to protect their overall investment. All insurance experts will fully inspect a property before issuing any type of policies. During this inspection, an assessment of what coverage will be most appropriate will be determined.

What Homeowners Insurance Covers

There are many varieties of homeowners insurance available that all cover different things, such as:

  • Lightning Damage

  • Hurricane Damage

  • Vandalism

  • Fire Damage

  • Some additional specified events

Homeowners insurance also covers personal damage/loss associated with theft. The insurance providers will go over everything in further detail about what is and is not covered.

Insurance Exclusions

One thing to consider when buying a home is where it is located and how much Mother Nature will affect it. Some things will not be covered by homeowners insurance such as flood and earthquake damage, and there is no avoiding this situation. Another thing that will not be considered for coverage by the insurance providers is faulty maintenance or negligence to the property.

In the situations where mold is present does not necessarily automatically, exclude coverage and the same holds true for the caveats for certain types of breeds of dogs on the property.

Protecting What Is Important

As people are requesting protection and ‘insurance’ against bad situations affecting their entire livelihoods, the insurance companies also need to protect their company as well. They cannot offer policies to those individuals more at risk for incidents or defy the rules and regulations that the insurance providers are required to follow.

The Fullman & Lawrence Agency offers a wide variety of insurance policies to those who live in the Longview and surrounding area. Contact them to get a quote on your next policy. They do not just offer homeowners insurance, but provide coverage for businesses, automobiles, and power sports insurance. protect your family, your assets, your small business and your retirement.

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