Homes are generally the largest investments made by families. Hatherill Insurance Agency protects this investment. Insurance policies share some basic features, but policies may have added features that affect premium prices. While homeowners with a mortgage must usually carry insurance on the home, the benefits to homeowner’s insurance extend beyond legality.
The primary reason for House Insurance Alliance Ohio is to ensure payment of the mortgage. Should the home be destroyed, the money borrowed can still be repaid. When homeowners find themselves unable to afford insurance, the mortgage holder will provide forced insurance. This insurance will be costlier than regular homeowner’s insurance, so it is in the homeowners best interest to maintain insurance. Insurance on a home also provides protection for guests to the home. Most policies cover medical payments for guests who have accidental injuries on the property. Should these accidents result in a lawsuit, homeowner’s insurance also covers this occurrence. Homeowners do have options about the amount of coverage for their belongings. Some policies cover only the structure itself. Others cover the actual cash value of the contents of the home. Additionally, other policies cover the purchase price of replacement property similar to the contents of the home. Homeowner’s insurance covers the value of the mortgage, the costs involved with accidents on the property, and optionally, the contents of the house.
The purchase of a home is not the only investment involved with home ownership. Many homeowners make additions and improvements which improve the value of the home. The monetary value of these improvements is the home’s equity. Homeowner’s insurance can protect the equity created in the home. Also, insurance provides protection from damage due to weather or criminal activity. Insurance will pay to repair or replace homes due to weather events including hurricanes and tornadoes. Flood related damage is not typically protected, but additional flood protection may be purchased. In flood plains, the purchase of flood insurance may not be optional. Losses due to robbery and theft are also protected against. Homeowners with a mortgage usually have to carry house insurance, but the benefits to having insurance include protection from weather damage, theft, lawsuits, and equity loss, making Hatherill Insurance Agency an asset even for homeowners who have paid off their mortgages.