For most people, homeowners insurance isn’t an option but rather a necessity. If you have a mortgage on your home, you will likely be required to carry insurance. As it is, an estimated 85% of homeowners in the US have insured their homes, according to Comfy Living. Let’s look at a few reasons why it’s beneficial to get insurance early on.

Mortgage Requirements

If you're buying a home for the first time, you should be aware that the mortgage company will most likely require that a home insurance policy is in place before closing on the home. This provides protection both for you and the mortgage company or the bank. The value of the home needs to be insured so that if the home is destroyed by a fire, natural disaster, or other event, the home can be replaced and the investment can be protected. If you haven’t gotten insurance yet, you should speak with an insurance professional or your mortgage agent about options.

Peace of Mind

Another reason why you shouldn’t put off purchasing home insurance is the supplemental peace of mind. An uninsured home is at risk. If a home is damaged or lost due to fire, floods, natural disasters, or burglaries, you'll be left without a place to live. Repairs or replacement of the home would also be your financial responsibility out-of-pocket. This could put you and your family in a vulnerable financial position. When insurance is in place, you always know you can provide a home for your family no matter what happens.

Investment Protection

Your home is likely to be your biggest investment. The only way to protect this investment is through adequate home insurance. This type of insurance coverage will pay for repairs or replacement of your home should it be damaged. Most of the time when people think of homeowners insurance claims, they think of the loss of a home. There are lots of claim events, however, that can really affect your family. A home can be drastically damaged without being totally lost. You want to be able to get repairs done quickly so that you and your family can get back to your normal life.

If you would like to learn more about homeowners insurance and your options for coverage, please contact Barranca Insurance Services, Inc today. We look forward to helping you insure your home and live with peace of mind!