If you’re about to buy a home, one of the key questions to ask yourself is whether you should get home insurance. Home insurance provides financial protection by paying to repair or replace your home if a covered event occurs.
While home insurance is required in some cases, it’s not always mandatory. Even if you’re not required to purchase home insurance, it’s worth considering for the added peace of mind it provides. At Oak Ridge Insurance Services, serving Oak Ridge, NC, our insurance experts can help you find a home insurance policy tailored to your needs. Here’s what you need to know.
Who Is Required to Have Home Insurance?
If you’re borrowing money to buy your home, you’ll most likely be required to have home insurance. Mortgage lenders typically require proof of home insurance before approving your loan. Once you have a mortgage, you won’t be able to drop your home insurance coverage. If you do, your lender may require you to purchase higher-cost home insurance through their own provider.
Should You Get Home Insurance Even If It’s Not Required?
If you’re paying for your house in cash, you may not be required to have home insurance. However, unless you’re financially able to completely rebuild or replace your home and possessions in the event of a disaster, home insurance is a smart investment. Even if you can afford to cover the costs yourself, home insurance can save you significant money when a covered event occurs.
Contact Us to Get Your Home Insurance Policy
If you need a home insurance policy, contact the professionals at Oak Ridge Insurance Services, serving Oak Ridge, NC. Our insurance agents work with multiple carriers and can help you find the right policy to meet your needs. Call us today to get started.
