Homeowners insurance may be the last thing on your mind when you buy a home, but it really needs to be on your list of things to get done quickly. Homeowners insurance works in a similar way to renter's insurance, although what it covers is broader. Homeowner's insurance is there for you when something goes wrong, from nature acting up to your neighbors being negligent. In fact, according to Money Geek, every year one out of every 20 homeowners who have insurance have to file claims because of theft, fire, or another problem. Here are three reasons why you really need to get homeowners insurance now.

1. Things Cost More Than You Realize

The whole point of insurance is to protect yourself financially. If you lose something due to theft or damage, you'll have to pay to replace the item. That may not seem like much when you're talking about a dish set, but imagine having to replace your entire kitchen due to a tree falling on your house during a storm. Financially, that could break you unless you have insurance to cover the majority of the cost. And even if you're dealing with a smaller loss, inflation has made prices skyrocket. Any replacements or repairs you need to do could cost a lot more than you realize.

2. Your Lender May Require It

Homeowner's insurance is required for most mortgages because lenders don't like the idea of the property they're funding suddenly falling into disrepair. If you were to cancel your homeowner's insurance, your lender could impose a policy on you, and you'd have no say in the premium amount or coverage amount. With your own homeowner's insurance policy, you at least can customize the coverage to your needs.

3. You Won't Get a Warning When Something Goes Wrong

Let's say you bought your home with cash and have no mortgage, and thus no lender forcing you to get it. You'll still want to buy a policy as soon as possible because you won't get a warning when something is about to go wrong. You're also not going to be able to buy insurance after the fact and apply it to earlier damage. It's vital that you get homeowner's insurance now!

Homeowner's insurance exists to protect you in those times of need when your home suffers damage. Contact Barranca Insurance Services, Inc. to discuss policies that fit your needs.