Buying your first home is an exciting step to take in life. Among all of the hustle and bustle of setting up your first home and moving, there are also important insurance questions that need to be answered. At Allsurance Group, serving Spartanburg, SC, we would like to help you navigate these insurance waters. Keep reading to find out what first time home buyers need to know about home insurance.
Why is Home Insurance Important?
Your home will probably be one of, if not the biggest investment you will make during your life. Beyond the financial aspect of this investment, your house will also hold great sentimental value as it will be the place your family will call home. This carries with it a certain sense of security that money cannot replace. For these reasons, you want to make sure that your home is properly covered.
Another important aspect of home owner’s insurance is the fact that most mortgage companies require that a home have adequate insurance in order to finalize the mortgage arrangement.
What Does Home Insurance Cover?
Home insurance can be customized for your individual needs, but for the most part, home insurance will cover the following general areas:
Property Damage: This is the most commonly understood aspect of homeowner’s insurance. Property damage coverage will kick in if your home is lost or damaged due to fire, natural disaster, or burglary. The policy will help pay for the repair or replacement of your home. This not only protects your financial security in the event of losing your home but also offers an important sense of security knowing that you will always have a place to call home.
Liability Coverage: Liability coverage will help pay if someone is injured in your home or on your property. This is important because, without this coverage, you could be left liable for expensive medical bills or even legal fees if someone is injured.
If you would like to learn more about home insurance, please contact our staff at Allsurance Group serving Spartanburg, SC.