Once you’ve found your own slice of heaven in the form of Palm Desert, Indian Wells or La Quinta real estate, there are other essential items to take care of—one of the most important is to obtain your homeowner’s insurance policy. The majority of the time, lenders require their clients to buy one, but if they don’t, it’s still something we highly recommend purchasing so that you can protect one of the most important investments you’ll make in your lifetime.
Whether you invest in La Quinta real estate or property in another part of the country, it makes perfect sense to protect something as important as the home you own. Once you’ve already complete a transaction as complex as buying a new home, obtaining a homeowner’s policy is easy. It’s very similar to other types of insurance—you will need to meet the company’s policy requirements and pay regular premiums. Once you do this, the company you sign up with guarantees to reimburse losses from any damage that falls under their policy.
Basic policies typically protect against damage to your property that is caused by weather or a home disaster, such as a fire, wind, lighting and hail storms, in addition to vandalism and robbery. Most policies include reimbursement for any costs associated with your family having to leave the premises due to the damage and repair time, such as meals out and the cost of a hotel. Most companies do not include earthquake and flood damage in a basic policy, though many offer it as a separate policy, especially in California. Most policies also protect homeowners against lawsuits filed against homeowners by parties claiming they suffered injury on the owner’s property.
Even if you buy your home outright or your lender doesn’t require it, homeowner’s insurance is one of the best ways to protect your real estate investment.
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