When it comes to your home, whether you own a condo or a house, you should be protected against a variety of outside factors that are out of your control.

Homeowners insurance offers that protection, but the question is, do you need it?

Considering how much money it takes to own a home, some people think homeowners insurance is just another way for you to throw away your hard earned dollars. However, homeowners insurance isn’t an unneeded addition; in fact, it’s actually an essential aspect of your ownership in some cases.

Think about everything in your home from your television to your laptop to your refrigerator. These are all important items that you use daily. Should they become damaged, it will be quite costly to replace them. If you have a good policy, you will save money should something happen to your belongings.

There are factors that could damage our belongings which are beyond our control. If you purchase a new patio set this summer, you hope to be able to use it for summers to come. But what if there’s a rainstorm that ruins your set on its first use? Without homeowners insurance, you’re left to buy a replacement completely out-of-pocket. With homeowners insurance, however, your belongings will be covered, and a replacement will be funded by your insurance company.

Fire, water damage, earthquake, even burglary are all facets of homeowners insurance. Replacing everything you own after your house has been robbed can be an unwanted hassle even with homeowners insurance, but you’ll still get to retain the peace of mind that you’re not left paying for these belongings yourself.

Homeowners insurance also protects you if someone gets hurt on your property. Between having your children’s friends over to use a trampoline or you’re hosting a BBQ for friends and family, there are many hazards that come along with entertaining. Should someone get injured on your property, with homeowners insurance, you’re not liable.

The only thing to take into consideration with homeowners insurance is that not all policies are the same. Coverage can vary depending on your provider.

When it comes to purchasing a home, getting good coverage on homeowners insurance is almost as important as finding the best rates for your mortgage.

For more information about home insurance and how we can help, contact Northwood Mortgage today!