Who Needs Home Insurance?
Technically, nobody has to have home insurance, but it’s the only way you can effectively protect yourself should your home succumb to a natural disaster or a robbery, for example. For that reason, every homeowner needs home insurance.
That being said, you may be legally required to have home insurance in place for protection if you are financing your property through a mortgage provider or bank. You will need to check the agreement with them if you’re unsure so that you can find the appropriate insurance coverage.
The different types of coverage available may be suitable for:
- Homeowners
- First-time buyers
- Condo owners
- Mobile homeowners
- Renters
- Landlords
You need to ensure you purchase not only the policy that matches your budget but the one that matches your situation. Price is important but never more important than having proper coverage. If you try to save money on your insurance by perhaps bending the truth about the value of your home and belongings, or choosing a policy that does not really suit your needs, you’ll end up worse off in the long run if the worst happens.
A typical policy that you find online will not cover all types of damage, which is why a tailored option is often best for most people. Working alongside an independent insurance broker means being able to put a tailored insurance package together that suits your situation perfectly.