home insurance

Home Insurance: What is it and Why do I Need it?

A lot of people think they don’t need home insurance, but the reality is that without it your assets could be at risk. Homeowners may hear about policies and coverage options from friends or relatives who have been in accidents themselves- this can lead them to believe there’s nothing more needed than what their mortgage covers (the value if any). However, homeowners should know better: while every situation varies depending on where you live foreclosure situations happen all over America which means even though a loan might seem like enough protection against defaulting; sometimes things do go wrong!

Rebecca Wallace shares home insurance 101 – Be sure to listen to her weekly feature Real Estate Wednesdays on YMA Nation

Home Insurance 101

Home insurance is a type of property that can protect you and your home from the four kinds of incidents: exterior damage, interior damage (including fires), liability for injury on someone else’s premises like slipping when they’re not allowed there as well legal expenses if it turns out their injuries were caused by something at least partly within his/her control.
A good policy also covers loss or theft by vandals who aren’t connected with any previous claims against the company—it could happen while people are away on vacation!

Insuring your home is important

Home insurance can be sold as a single policy or multiple-line policy to protect what’s in it, like furniture and belongings from theft or damage by fire/water etcetera. A standard type of coverage that many people choose for their homes are “basic” policies which only covers against loss due direct physical violence but not malicious acts committed against you such has vandalism (ex: Egging), burglary(when someone enters without permission) ).

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Why Do I need Home Insurance?

Homeowners should consider buying a home insurance policy to protect their investment. The mortgage lenders require this before they agree on financing, and without it your purchase might be made difficult or impossible altogether because of perils such as fire, lightning storms explosions smoke windstorm hail vehicle collision riot damage from natural disasters like earthquakes etc.. Having coverage doesn’t just help without losses but also helps prevent them in case something occurs during construction leading up until move-in day which is why having proper protection against both expected hazards.

Failing to get a home insurance policy before applying for your mortgage is like putting the fox in charge of guarding all the chickens. The lender will not finance you purchase unless they’ve verified that there’s coverage against perils such as fire, lightning and explosion; something most people haven’t thought about until now because it was already taken care of by their homeowners’ policies or other investments (such as stocks).

Here’s how home insurance claims work

How do you prepare for a home insurance claim? The first thing to do is call your insurer and make sure they are aware of what happened. If the claims adjuster estimates that it will cost $5,000 in total damages but only requires clean up at an amount less than this, then there’s no need to worry about paying towards excess costs because those often come out-of-pocket by policyholders themselves if their deductible isn’t met before payment happens!

What happens if I don’t have home insurance?

Homeowners who do not carry a policy can face steep consequences. Aside from losing their mortgage and becoming homeless, natural disaster coverage could leave them out in the cold with no roof over head whatsoever-literally!

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It’s no secret that the cost of not having insurance can be overwhelming. If you’re a first-time home buyer or an existing homeowner who doesn’t know what is covered by your policy, it may seem like this decision will take all day and then some!


Rebecca Wallace is a licensed real estate agent in South Carolina. She leads The Pyramid Group team that is brokered with Keller Williams.

BUYING OR SELLING A HOME!!! The Pyramid Group with Keller Williams: 864-249-1437

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