You’ve found that gorgeous piece or Rancho Mirage real estate and you’re ready to move in. Your next step should be to buy a homeowners insurance policy. Most of the time, mortgage lenders require it, but even if they don’t, home insurance is an important purchase that you should definitely consider.
Buying a home is a large investment, and for many people, the biggest purchase they make in their entire lifetime. Whether you’re investing in luxury properties in the international real estate market or buying your first home, it makes sense to protect such an important expenditure, which is why many homeowners opt to buy insurance to protect the value of their property.
Similar to others types of insurance contracts, when you buy a homeowners policy, you pay premiums and meet their policy requirements. In return, the insurance company guarantees to reimburse any losses due to damage incurred. A basic policy protects typically protects owners against damage from fire, lightning, wind and hail storms, as well as damage caused by theft or vandalism. It also usually includes funds for the cost of a hotel and food if you are required to leave your Rancho Mirage real estate property while the damage is repaired. While flood or earthquake damage is not typically covered, there are options to buy separate policies for those types of occurrences. In addition, a homeowners policy provides liability coverage against lawsuits brought by someone who was injured on the owner’s property.
Whether you own your home outright or have a mortgage, a homeowners insurance policy is the best way to protect this important investment. It can be the best way to keep costs low in the long run, and to provide peace of mind for your family and future.
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image: homeownerdigest.com
