Did you know that if you carry a mortgage on your home, it is necessary that you insure it with homeowners’ insurance? If you live in or near Brooklyn, NY, the VAC Insurance Agency can explain all the particulars.
Why Home Insurance?
The main reason for homeowners insurance is to protect the homeowner. You will be covered if your home is damaged in a weather event, fire, or any other covered event.
Another reason is that almost all lenders require that the property be insured for 100% of its replacement cost. Their main concern is making sure the home can be rebuilt in the event of a disaster. The insurance protects the lender’s financial interest in the property.
Homeowners’ insurance combines various personal insurance protections which include losses to the home, and its contents, loss of use, and liability insurance for accidents that occur on the property.
There are no state laws where homeowners’ insurance is required. But in the event your property is mortgage-free, it is still recommended that you carry an insurance policy.
If someone visits your home, falls, and is injured, the policy will pay for any medical expenses relative to the injury. If you have a dog and it decides to bite your neighbor, any legal expenses resulting from the bite will be covered. If you do not have insurance coverage, all associated costs will be paid by you out-of-pocket.
There are some things the policy will not typically cover:
- Acts of war
- Earthquakes
- Floods
- Infestations, including termites
- Mold
- Nuclear accidents
- Sewer backup
- Water damage
Contact Us Today
If you are a homeowner or are thinking about purchasing a home, make sure you have a policy in place prior to the purchase. Your mortgage company will want evidence of coverage prior to the closing. Contact the insurance professionals at VAC Insurance Agency in Brooklyn, NY today for a quote or an answer to any questions you may have.
