A realtor in Springfield, MO can help explain the importance of homeowners insurance.
Life is unpredictable. And as a homeowner, you’ll want to make sure you’re prepared for anything that comes your way. Homeowners insurance is the best way to protect your home, your family and others that step foot onto your property.
An experienced realtor in Springfield, MO will advise you to purchase a homeowners insurance package if you are a first-time homeowner or get a new policy if you are moving into a new home. But before you do so, here’s some important information to get you started.
What is homeowners insurance?
Homeowners insurance is a packaged insurance policy that protects homeowners against disasters. It provides financial protection from property damage and injury liability for anyone that gets injured as a result of your family members or pets while on your property.
Do I have to get it?
The short answer is no. Any good realtor in Springfield, MO will tell you it is wise to invest in homeowners insurance to protect your financial investment, but it is not illegal to own a home and not have homeowners insurance.
In many cases, if you purchase a home with a loan, your lender may require you to get homeowners insurance. This is sometimes based on local considerations – especially if your new home is located in an area that floods frequently or is prone to earthquakes, tornados or other natural disasters.
What kinds of policies are available?
There are several different kinds of homeowners insurance policies available and each one provides a varying level of insurance coverage. Your realtor in Springfield, MO can help you determine which policy is best for you.
Your homeowners insurance policy options include:
- HO-1: This policy is very limited and isn’t offered in most states anymore.
- HO-2: This is a general policy for home protection and can also be applied to RVs.
- HO-3: This policy is the most popular kind and will protect your home from just about anything and everything!
- HO-6: If you own a condo, this kind of policy will protect the section of the building you own.
- HO-8: This policy provides the best coverage for older homes.
Floods, earthquakes and maintenance are not covered by a standard homeowners insurance policy. You will need additional policy for those and maintenance is your responsibility as a homeowner.
Talk to a Realtor in Springfield, MO
A knowledgeable realtor in Springfield, MO can answer questions about homeowner’s insurance, collect homeowners insurance policy information for you, and help you decide which policy is best for you. We are more than happy to help you get started with the basics of buying a home and walk you through the entire process! Contact Southwest Missouri Realty today to get started.
Comments (0)
Please contact us if you have any questions or comments.