Homeowners Insurance Options
Purchasing a home means spending tens of thousands of dollars, or more, on a piece of property that will likely be owned for years. It doesn’t make sense to spend that much money and not purchase insurance as well. Indeed, protecting a homeowner’s investment is the whole purpose behind homeowner’s insurance.
Also known as home insurance in some circles, this insurance is intended to protect homeowners against significant financial loss in the event of fire, theft, natural disaster, etc. Here at Nortin insurance Agency, we aren’t afraid to say that we believe every South Carolina homeowner should have insurance in place.
Mortgage Lender Requirements
There are a number of reasons for insuring one’s home. At the top of the list are mortgage lender requirements. If you have an outstanding mortgage on your property, your lender probably requires you to have adequate home insurance in order to protect them against loss.
Lenders operating in South Carolina can require their customers to purchase adequate insurance coverage and list them as the mortgagee. They can also purchase homeowner’s insurance on behalf of non-compliant customers and then pass the costs on to those customers. Insurance tends to be more expensive under such an arrangement.
There is another reason above and beyond lender requirements. That reason is asset protection. Remember that the total amount of money a homeowner has wrapped up in his property is not limited just to the house itself. The home’s contents also have to be considered.
Contents include furniture, linens, kitchen items, tools, and on and on. All of them could be lost very quickly. Without insurance, a homeowner could be left with literally nothing following a fire or natural disaster.
Bad Things Happen
Insurance of every kind is built on the premise that bad things happen. As much as we’d like to go through life without facing any serious problems, that is not reality. Here in South Carolina, we have bad weather to worry about every hurricane season. We also have our fair share of fires and thefts.
Homeowners insurance exists as a safeguard against all sorts of things that could harm a person’s home. Remember that it only takes one incident to completely change everything. Insurance exists to help pick up the financial pieces and help make a family whole again.
What Policies Cover
A typical homeowner’s policy starts with protecting the house and any other outbuildings on the property. For example, a standard policy would pay to rebuild a house completely lost in a fire. If the fire also claimed a garage or barn, the insurance would cover it as well.
Most insurance policies in South Carolina also cover:
- Personal possessions
- Personal liability
- Medical payments for visitor injuries
- Additional living expenses following a claim
Medical payments coverage typically extends to all visitors who might be injured on a homeowner’s property regardless of their purpose for being there. Such coverage may come with limits and deductibles. As for additional living expenses, they kick in when a homeowner is forced to make other living arrangements while repairs are being made to a damaged home.
Homeowner’s policies don’t cover identity theft and certain kinds of natural disasters including earthquakes, landslides, and flooding. This is important for South Carolina homeowners to understand. A homeowner who wants protection against excluded natural disasters must purchase it separately.
Don’t Go Unprotected
There is a lot more to home insurance than what has been discussed in this post. The most important thing we want you to know is that you should not go unprotected. If you own a home, make sure it is protected by a good insurance policy that fully covers your financial investment.
Nortin Insurance Agency serves the Cheraw, South Carolina area with a full menu of insurance services. As a full-service insurance agency, we protect our customers’ homes, businesses, farms, and autos. We also offer life insurance options.
It is our mission to build a relationship with each and every client built on mutual trust. We would appreciate the opportunity to advise you on the best possible coverage for your unique needs. Feel free to contact us to learn more about all of our insurance coverage options.