Do you live in or around the Denver, CO area? If so, are you a homeowner or thinking about becoming one? The professionals at AFI Insurance can get you started on the road to homeowner protection.
Homeowners insurance is an essential expense when owning a home, even though it may be unnecessary. There are extra costs added to the purchase price of a home. When you have a loan, the interest could be significant; there may be private mortgage insurance and property taxes. These things add up, and if you want to save money, you may wonder if homeowner’s insurance is necessary.
This coverage is not a legal requirement in any state. You will not be fined if you decide to do without it. However, you will find that homeowners insurance is required when carrying a mortgage on the property. You will not find a lender who will approve a mortgage without it. Insurance not only protects your home, but it protects the lender’s interest in the home. They require that you carry insurance that covers the full replacement cost of the house or the unpaid principal balance on the mortgage.
There are other protections your lender could require. Certain specifics include lightning, fire, the weight of snow on the roof, frozen pipes, etc. They require that you have met their requirements before loan processing.
Another added benefit of homeowners insurance is that it protects you from lawsuits. The personal liability portion of the policy will help cover you if a visitor falls and gets hurt on your property or if your dog decides to bite a guest. This protection is needed even if your home is paid for.
Don’t risk your financial security. In case of a lawsuit, you could lose your home needlessly. Homeowners’ insurance will prevent that.
For a no-obligation quote, contact AFI Insurance today. You will be glad you did.