A beautiful home is a dream most people work hard to achieve. Your homestead is the place where you and your family get to spend quality time together while aspiring for more incredible things. That said, it is an investment you must protect at all costs. Mortgage and Homeowners Insurance are the security measures often related to owning a house. Some people confuse themselves with the two, which often leads to thinking they are the same kind. Let’s take a closer look at the difference between these two insurance types. What is Mortgage Insurance?
Mortgage Insurance is a policy that preserves the best interests of the lender. It does not protect the home nor the owner. If the homeowner is incapable of making the necessary payments, Mortgage Insurance will help cover the lender’s losses. In the majority of mortgage loan cases, Mortgage Insurance policy is mandatory if your down payment is smaller than 20 percent of the property price. What is a Homeowner’s Insurance? Homeowner’s Insurance, on the other hand, is the policy that safeguards both the owner and the house. Payments for this type of insurance is independent of your monthly mortgage loan and Mortgage Insurance settlements. Below you will find the reasons why a Homeowner’s Insurance is indispensable, and how it can specifically help you take care of your investment. It Protects The Backbone of Your Home Unforeseen circumstances such as a house fire, a storm, and a hurricane can hurt your house’s structure. Theft is also a rampant unanticipated event that can disfigure your precious home. Homeowner’s Insurance will create a massive difference in paying for the cost to fix up and restore a damaged house. It Covers Your Other Assets Too! Homeowner’s Insurance does not only cushion the house itself. It also secures valuables inside and outside of your home. Examples of these are your furniture, garments, and devices. At times, it can also include the trees and plants around your house. It Helps Pay for Accommodations If your house is unavailable for a while due to a situation covered by the policy, Homeowner’s Insurance can also assist you with your rent and meal expenses. It Also Contains Liability Coverage The liability portion is probably one of the Homeowner’s Insurance benefits people tend to miss. Homeowner’s Insurance is critically important when a guest in the home gets injured for a lot of possible reasons. The liability coverage can help pay for hospital bills and even lawyer’s fees when you are deemed accountable for the incident. Your home is the product of your sweat and tears. When you’ve hustled for something as big as your own house, remember to take all the necessary steps to protect it and keep it whole. Take out a Homeowner’s Insurance policy today, and you’ll never have to worry about the future of your home again. At Express Insurance LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (864) 296-6000. Get your free quote today by CLICKING HERE.
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