In purchasing a home, you have made a significant investment in your future. Home insurance gives you the means to protect that investment. While not required in many states, homeowners insurance is a common lending condition for mortgages, meaning your lender may require that you have coverage. It is smart to have an insurance policy in place for your home, regardless of lender requirements, to protect you financially in case of emergency. Here's what you need to know to get the coverage the best suits your needs and budget.
Components of Homeowners Insurance
While specific coverage options can vary among insurers, some components are virtually universal:
For property and liability coverage, your lender will likely set a minimum amount that your policy must cover as a condition of servicing your mortgage. However, if you can reasonably afford to increase your coverage, particularly in the liability area, it is smart to do so. The added protection will give you greater comfort and peace of mind while securing your financial future, so it is in your best interest to maximize your coverage as much as possible.
Trust Onstad's Insurance Agency for Your Home Insurance Needs
Reach out to our team today to learn more about our services and how we can find you the perfect homeowners insurance policy to satisfy your lender and secure your future. Call 925-866-1444 to get started.