Part of the responsibility of being a homeowner is taking steps during the year to protect your home from harm. In some cases, protecting your home may be impossible. Still, there is a way you and your family can remain protected. This is through the use of a home insurance policy. Below are just a few of the reasons why home insurance is important.

You May Need It to Get a Good Mortgage

Not every state in the US requires you to have home insurance for your dwelling. Even if that is the case for your state, you may still end up being forced to get it anyways. For one, a good deal of mortgage lenders, including banks, require applicants to have home insurance policies. This is a strategy to help protect the investment. Usually, the policy must cover the entire mortgage.

It Protects Against Property Damage

While a home is typically a very good shelter for you to remain protected in, the house itself could also be damaged by the elements. In this case, your home insurance policy should help pay for the repairs. In certain cases, it may even pay for the entire replacements or repair jobs themselves. Think, for example, if your home is hit by lightning. That lightning could cause a fire that burns down the entire home. Not having insurance to cover the expenses of what you lose could make a horrible situation catastrophic.

It Can Protect You Against Lawsuits

Most good home insurance policies include liability coverage. While you may not hear of such lawsuits all the time, they could conceivably occur under certain circumstances. For example, a child may wander onto your property and get injured. If that occurs, the parents may decide to sue. However, with the liability coverage of your home insurance policy, you will be able to pay the legal fees without going into debt.

It Can Insure Possessions

While the structure of the house may be your first concern when it comes to home insurance, you may also be able to obtain coverage for your possessions as well. This can include things like clothing, furniture, appliances, and more. In certain cases, the coverage may even extend to possessions stored off-site from your house. The policy may be able to cover personal property valuing up to 70 percent of the amount of your total policy. A $100,000 policy could then replace up to $70,000 worth of property.

There are many reasons why home insurance is a necessity. The list above is only a starting point. Overall, having your home properly insured is part of being a responsible homeowner and invaluable protection for you, your family, and your assets. It could really end up saving your family at some point.

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