Home insurance provides homeowners with peace of mind and assistance during the recovery process when a covered event occurs. For some homeowners, home insurance is also a requirement.
If you’re buying a home and getting a mortgage, you may have questions about home insurance and whether you’re required to get it. The professionals at Green Family Insurance Inc., servicing Illinois, can help answer your questions and find a home insurance policy for you.
When Is Home Insurance Required?
Most mortgage lenders require home insurance. If you’re buying a home and getting a mortgage, your lender will likely require you to get home insurance to secure the loan.
Once you have home insurance, you must maintain it throughout the duration of your loan. If you drop home insurance at any point while paying back your mortgage, your lender may require you to pay for the lender’s insurance, which will likely be more expensive and less comprehensive.
Should I Get Home Insurance If It Isn’t Required?
Many homeowners choose to get home insurance even if they aren’t required to get it by their mortgage lender. There are many benefits to getting home insurance, including:
- Financial help with recovery after a covered event occurs. Home insurance can pay to repair or replace your home when a covered event occurs.
- Peace of mind when something goes wrong. Some people never use their insurance but feel better knowing they have insurance if they need it.
Want Home Insurance? Call Today
Do you need home insurance? Green Family Insurance Inc., servicing Illinois, can help. Call today to speak with one of our insurance professionals. We work with many carriers and can help you find the right coverage for your needs.
