Home insurance is very important; you want to protect this very expensive investment. If you financed the purchase of your home with a mortgage loan, your lender will require you to get homeowners insurance to protect their investment in your home (note: do not buy homeowners insurance from the lender – it will be two to three times as expensive and lack many protections of a standard policy). If you buy a home with private funds, you may not have to buy insurance, but insurance is worth the peace of mind.
When you purchase homeowners insurance, you are providing financial protection against many kinds of disasters. It’s important to understand the different types of home insurance policies available to you, and the steps you should take to purchase the right policy and use it to protect yourself and your financial assets.
Source: militaryfinance.umuc.edu
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