Home Insurance: While it’s not a legal requirement, your mortgage lender may make it a requirement. What’s more, it’s just a good idea overall. A home is a big investment after all, and you want your investment protected should disaster fall. Disasters can happen at any time, so it is highly recommended that you get home insurance to save yourself from financial loss when such things happen. Otherwise, you’d have to pay for repairs out of pocket.
Why Does a Mortgage Lender Require Home Insurance?
If you take out a mortgage, your house is used as the collateral for the loan. In this case, the lender will also be invested in your house as they can claim it if the loan is not paid back. If a disaster damages your house before the loan is paid off, insurance will pay to fix the damages. If you live in an area that makes your house more liable to damage (say, an area that is frequently flooded), you may have to purchase beyond the standard home insurance policy.
What Does Home Insurance Cover?
Home insurance covers the cost of repairs should your home be damaged or the victim of theft or vandalism. Home insurance can also cover the repair or replacement of personal items such as furniture, clothes, electronics, appliances, and more. If someone is injured on your property, home insurance will take care of their medical costs. If the place you live in becomes too hazardous for life, you can even be decompensated for living expenses.
Clockwork Insurance Services Is Here To Serve The Greater Metairie, LA Region
If you are in the Metairie, LA area, and you need home insurance, please contact Clockwork Insurance Services. Our knowledgeable and courteous agents will work tirelessly to provide you with the correct insurance policy to suit your needs and guarantee your satisfaction.
