It’s Not Optional

It’s not Optional, It’s Essential!

If you’re buying a home, you might be wondering: Is home insurance really necessary? The short answer is yes! Not only is it essential for protecting your investment, but most lenders require it before you can even close on your home. Let’s break down what home insurance covers in simple terms and why it’s a must-have.

Hi, I’m Terry Tucker with eXp Realty.

First, most policies cover repairs & rebuilding costs if your home is damaged by fire, storms, or other covered disasters. This is crucial for safeguarding what is likely your biggest investment. Also, many policies cover personal items like furniture, electronics, and clothing if they’re stolen or damaged. Imagine losing everything in a fire and needing to replace essential items you’ve worked so hard for.

Then there is liability protection. This coverage protects you if someone gets injured on your property. Good homeowner’s insurance can help cover medical bills or even legal costs if you’re sued. This can save you from unexpected financial burdens.

Unfortunately, lately, we all have seen home insurance costs rising due to extreme weather events like hurricanes and wildfires, as well as increasing repair costs for materials and labor. Some insurance companies are even pulling all the way out of high-risk areas, which makes shopping around for the right policy more important than ever.

And finally, here are a few key things to remember. Your first insurance payment is included in your closing costs, but after that, it’s a recurring expense, so be sure to budget for it and remember not all policies are the same. It is important to take the time to compare coverage options and find one that works best for your location and your specific needs.

Home insurance isn’t just another bill, it’s an investment in your peace of mind. If you are a buyer looking to buy, reach out to my team and I today so we can get you started on your path to homeownership. I am Terry Tucker with eXp Realty.. Let’s connect!