Updated: Apr 30, 2020
Here are the three types of insurance coverage I strongly suggest all homeowners purchase and why.
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A recent tragedy in the lives of one of our clients has prompted me to emphasize the importance of getting insured. Here are the most important areas to cover:
1. Home insurance. All of us need to have coverage on our homes, but do you know how much certain mishaps like hail damage will cost you? Or, God forbid, what if your home catches fire? Find out what exactly you’re covered for (e.g., heavy snow straining your roof) and calculate your out-of-pocket costs. Not all insurance is created equal; if you’re comfortable with more risk and a higher deductible, great, but talk to your broker about all of your options.
2. Life insurance. When a loved one passes away, the family is devastated and disrupted. When a loved one who was covering the mortgage passes, the added financial stress can be unbearable. A lot of mortgages offer a death benefit, though the cost might not be as palatable as if you just went directly to a life insurance broker.
Let us know if you’re needing this product, as we can connect you with professionals we trust. We never want to see someone have to sell their home after a loss.
Not all insurance is created equal.
3. Disability insurance. We live in an outdoorsy state where people do a host of fun activities. If something happens and you become injured, will you be able to keep your property? If you can’t work for a while, do you have a buffer to hold you over?
Once again, there are tons of coverage options for scenarios just like that. Reach out and we’d be glad to connect you with some great brokers.
The overwhelming majority of our clients will never have to use their coverage, thank goodness. However, as the adage goes, “It’s better to have it and not need it than need it and not have it.”
If you have any other real estate- or homeowner-related questions, give us a call or send us an email. We’d love to hear from you.