Why do I need Homeowner Insurance?

Purchasing a new home can be a very exciting, yet time consuming event. After what seems like 100 home showings, you finally find the perfect house for you and your family. Even better your offer to purchase the home is accepted. You start dreaming of new tiles, where the nursery should go, and if you should paint the bathroom sky blue or deep tropical green. Yet, your daydream is interrupted by remembering you also need homeowner insurance before you can move in and get to painting. It might not be as fun to dream about but getting the right insurance can create a relaxed environment to trust your space will be protected. Let’s explore four reasons why you need homeowner insurance!

To secure your loan

To receive a loan for your new home, your home lender will require you to have homeowner insurance. There are different types of insurance coverage options for you to choose from. There are policies with basic coverage in case of fire or theft, more comprehensive policies that better protect your home, and even specialty policies that cover mobile homes and condos. If you are securing a home loan, it is wise to make sure you are getting the proper insurance coverage that your lender requires.

If you need help figuring out where to start looking for home insurance, head to Armed Forces Insurance. They have been helping families like yours for over 135 years. Their agents will work to understand your unique needs so they can help you get the correct insurance coverage. They will take the time to educate you on your home insurance coverage options, work to find the best price for your policy, and help you understand the home claims process. Their agents will even work with your lender to ensure all your insurance paperwork is submitted on time for your loan.

Coverage for everything but the kitchen sink—actually, that too

A homeowner policy will cover more than the home. In many instances, it will cover your personal property as well. Break-ins are a fear many try not to think about. Even if you have an alarm system, the worst can happen. The good news is your homeowner policy will likely cover most if not all of your personal property in the event of a break-in or other covered loss.

Here today, gone tomorrow

Although you may be dreaming of the holidays you will host in your new home, it is crucial to be aware that tragic events like fire and storms can cause your home to be uninhabitable overnight. Depending on your coverage, your homeowner insurance policy not only will give you funds to rebuild your home, but may also provide you with money to live somewhere else while your home is being rebuilt. 

“Gotta fix that step”

It doesn’t matter if your family knows about the faulty fourth step; if someone else doesn’t and is injured on your property, you can be held liable for any medical bills. Homeowners insurance can include personal liability coverage, which can help be the safety net when things don’t go to plan. Although you don’t want to think of an accident happening, being prepared in this way can help bring you peace of mind when others are on your property. 

Expect the unexpected

Be careful before shrugging off insurance or thinking you have coverage without knowing the fine print. For example, you may need separate flood coverage near the coast. Be aware that sometimes things are not covered, like one individual who had a family of raccoons eat through a corner on their roof, and found out that wildlife coverage was not included. Look through your policy and ask questions to ensure you get the policy you need when you sign on the dotted line. Head to http://www.afi.org/milhousing to learn more and talk with an insurance agent to find the right fit for you!

This article is sponsored by the AFI Education Foundation. Since 1887, Armed Forces Insurance (AFI) has existed with a single, unwavering purpose: To protect the people who protect our nation. So for more than 135 years, they have provided military homeowner insurance, military renter insurance, military auto insurance, and much more to our members. Created by former military leaders, AFI understands the challenges that military members face. Proudly serving active, retired, and former military members and their families. Click here to receive a quote today! Let AFI’s dedicated agents shop our network of national carriers to find the best value and options to fit your needs.

Written by Aj Smit

Aj Smit is the author of the book Red Thread: Weaving an Embodied Life of Joy, speaker, glitter enthusiast, and professional weaver of Joy. She is a military spouse in S. Korea with a pup and houseplants galore. Aj has led various Red Tents, retreats, and workshops internationally over the last ten years to help others discover how to weave creativity and curiosity into their lives. You can find her on Facebook and Instagram at @TheJoyWeaver and TheJoyWeaver.com