Unlike auto insurance, state law doesn’t necessarily require you to have this type of coverage. However, this does not mean you shouldn’t. As a first-time homebuyer in Lafayette, IN, here is some information Blevins Insurance Agency wants to ensure you’re equipped with.
Your Lender Likely Requires It
Although some states don’t mandate home insurance, you are likely required to have it if you are financing your home through a mortgage lender or bank. Home insurance is one of those things that protects the financial institution’s interests in the event of a calamity. Make sure that you purchase more than the outstanding loan amount, which ensures you are able to recover built-up equity after a disaster.
It Offers Personal Liability Protection
Most people only know home insurance as protection for their home and belongings; however, it is more than that. It also offers coverage when someone is injured while at your home. It covers the medical and or legal costs as well as repair costs to their property if damage occurs to it.
Focus on Value Instead of Price
As with many things in life, you may want to try to save money where you can and opt for the cheapest home insurance policy. However, you should focus on the best value policy. In other words, look for the best bang for your buck. Take a close look at the policy limits, deductible amounts, what is and isn’t covered, etc. Ideally, you want to invest in a home insurance policy that has the fewest exclusions, offers more coverage for your losses, and requires less of a deductible when filing a claim.
If you need help figuring out the best home insurance policy for you and your individual situation, reach out to the professionals at Blevins Insurance Agency, an insurance agency that serves the Lafayette, IN area.
Home insurance is an extremely important type of coverage that should be kept by every homeowner. The consequences of not having this insurance can be disastrously expensive. To protect your home and future, you need home insurance. To find out more, contact us at Blevins Insurance Agency in Lafayette, IN.
One way that home insurance protects you is by covering your possessions. When you add up what all of your possessions cost, the number can be surprisingly large. If you didn’t have home insurance and had to try to replace it all after a disaster or accident, you might not be able to do so. A home insurance policy pays for you to begin replacing the items that were lost so that you can get back to normal life more quickly and easily.
The dwelling itself is also an enormous expense. To protect your investment in the house, you need this coverage. If something, such as a disaster, were to affect your house, your home insurance can pay for the damages by getting them repaired or the house rebuilt. These expenses can be substantial, and the damages can get so expensive that you wouldn’t be able to afford repairs without a home policy.
Accidents can happen in the home that can leave you liable for enormous bills. If you were to have someone in your home who gets injured or sick there, you can be found at fault and ordered to pay the medical bills. With a home insurance policy, those bills are taken care of.
Cover Your Home
To keep your home covered for all of these situations and more, you need to have a home insurance policy for as long as you own the house. Give us a call at Blevins Insurance Agency in Lafayette, IN.
The local housing market in Lafayette, IN fluctuates over time. That’s why your house valuation is only an estimate of how much it would cost if it were on the market. However, it becomes more essential when you’re buying home insurance as it is one of the factors that determine your premiums.
Whether you just moved in or want to change your insurer, know that your home’s value has the following benefits:
It can be an essential factor when selling your home
If you intend to sell your home one day, you want to make sure that you know its value to have a reference point when you decide to sell. It is more important if you still have a mortgage. You will need to consider your mortgage amount or your loan balance before checking your house’s value. Ideally, this amount should be significantly lower than the average value of the house.
It helps you determine how much to allocate for renovation
Most people prefer to do several renovations to increase their home’s value when selling it. However, if you don’t know your home’s value, you won’t know if there was any additional value. Some renovation projects can take a toll on your wallet, which may not be worth it in the long run. Blevins Insurance Agency recommends checking with your insurance agent to determine your home’s average value before starting any renovations.
Aid in refinancing
Lenders in Lafayette, IN allow people to borrow a maximum of 75% and 95% depending on the available loan program. While you may qualify for other credit parameters, the equity available is what determines whether you will get another loan or not. The more equity you have, the better your loan terms and the amount you qualify for. Knowing your home’s value shows you the amount you need to borrow and your chances of succeeding.
At Blevins Insurance Agency, we care about your insurance needs. Our skilled agents can help you secure a policy that fits your budget, needs, and style. Contact us for more information.
When you move to the Lafayette, IN area, you should look into buying a property to live in as it can offer you many different long term benefits and advantages. If you do purchase a home when you are here, you should get insurance for it. There are several reasons that you will need this protection.
Insurance Protects Asset
A reason that a lot of people will get home insurance is that it can protect their assets. There will likely never be a home that you buy that is as valuable as your home. Due to this, you need to make sure that you protect your property and asset as well as you can. With a home insurance plan, you will get the coverage and protection needed to cover and properly protect this asset.
Insurance is Required
Additionally, you will want to get home insurance because it is often a requirement for you to have. Most people who buy homes today will take advantage of the low long-term interest rates with a mortgage. While there are benefits that come with financing your home, there are rules that need to be followed. Most of the time, your lender will require that you have a proper home insurance policy in place at all times.
Those looking for home insurance in the Lafayette, IN area should call the team with Blevins Insurance Agency when looking for a new policy. Many factors need to be considered when looking for a new insurance plan here. The team with Blevins Insurance Agency can answer your questions and make sure that you can choose a policy that offers the protection you need.