Owning a home is among the largest investments for homeowners. Nonetheless, it is not illegal to own a home without home insurance. But is it worth the risk of leaving such an enormous asset unprotected? The experts at United Insurance Services Inc. can help you insure your Bluffdale, UT home and pick the best coverage options.
3 Major Risks of Not Having Home Insurance
Home insurance is an integral part of owning any home. Not only does it protect your home and personal assets from unforeseen damage, but it also protects you from any legal claims filed against you. Below are three dangers of not purchasing home insurance for your home.
Reduced Chances of Securing Financing
Although it is not mandatory to take out home insurance, lenders require that those who wish to secure financing to buy their home should purchase homeowners insurance. This helps ensure that their financial investment is safe in the event of damage to the property. So, unless you purchase your home by making a full upfront cash payment, it is vital to buy home insurance.
Paying Out-of-Pocket for Household Repairs
Many believe their homes are unlikely to experience significant damage, especially if they are in mint condition upon purchase. However, most homeowners will likely deal with at least one major repair. Thus, home insurance will ensure you can repair your property without going into debt whenever disaster strikes and you need to make repairs.
No Protection Against Liabilities
Home insurance also helps in protecting homeowners against any liabilities filed against them. As a homeowner, you have a duty of care to your visitors and those around you. Failure to observe the responsibilities under duty of care could result in you getting sued.
For instance, if a visitor trips and falls within your property, you could find yourself paying their medical expenses, compensating them for loss of income, and making any other payments that the court may see fit. Home insurance covers such costs, preventing homeowners from paying out-of-pocket for such liabilities.
Give Us A Call
Homeowners should be aware of the importance of home insurance. From the dangers listed above, it is evident that it is not worth the risk. So, if you want to purchase home insurance for your property and discuss the coverage options, contact United Insurance Services Inc. in Bluffdale, UT for more information. We will be happy to help you secure your home.