Why Maintaining Homeowners Insurance in Nassau County, NY is a Smart Move

While most people do not question the wisdom of carrying homeowners insurance in Nassau County NY, there are those who wonder just how necessary it really is. Is it worth paying those premiums year after year, only to never need the coverage? Here are a couple of reasons why maintaining coverage really is in the best interests of the homeowner.

The Mortgage Lender Requires Coverage

For homeowners paying off a mortgage, there is a good chance the contract terms and conditions include a clause requiring homeowners insurance in Nassau County NY, to be in effect until the debt is settled in full. Choosing to allow the coverage to lapse could prompt the mortgage company to take action on their own to protect their investment. This would mean the lender would secure insurance on the property and add it to the monthly mortgage payments. That could mean the homeowner ends up paying more for coverage than if he or she had secured the insurance independently.

It Only Takes One Covered Event

No one purchases health or car insurance with the expectation it will definitely be used in the next week, month or year. The whole point of Homeowners Insurance is to be prepared if the unthinkable should come to pass. Through it all, the hope is that the events covered by the policy never actually take place. At the same time, the homeowner has the peace of mind that comes with knowing if any of those events do occur, there will be money to deal with the situation, make repairs to the home, and be able to get things back to normal.

Without homeowners insurance, all it would take is one catastrophic event to bring about financial ruin. If the house is a total loss, the property owner will still be liable for any debt against the property plus be faced with finding a new place to live. All it takes to make that policy worth every penny is the occurrence of one covered event.

For prospective homeowners, always allow room for homeowners insurance in the household budget. Doing so will make it all the easier to cover the home adequately and be prepared for whatever the future might bring.

 

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