It goes without saying that your mortgage lender will make sure you have purchased
homeowners Insurance and have enough to completely replace the property in the event of a
total loss. But with this new found independence as a homeowner comes some pretty big
responsibilities. It pays to consider some insurance options in order to relax and enjoy all the
benefits of home ownership.
Life Insurance is a huge consideration if you share your home with someone who depends on
your income to pay the mortgage. That person needs to be named as beneficiary so they will
not be forced to give up the house if you unexpectedly leave this world. It is just the right thing
to do for your loved ones.
Disability-Income Insurance is protection many people do not consider. New homeowners are
often on the younger side, and if you are one of those millennials who think nothing bad will
ever happen to you, purchasing this type of insurance feels like throwing away money.
Unfortunately, bad things do happen to good people and young people. Disability-Income
Insurance will take care of that mortgage should you become too disabled to work.
Here’s something to consider as well: once you are a homeowner, you have more to lose in the
event of a lawsuit. Take a look at your Auto Insurance and make sure to get the best coverage
possible to avoid lawyers coming after your property in the case of a bad auto accident.
An umbrella policy is not a bad idea as well – to pick up the slack left by any of your other
polices.
While you cannot prepare for every possible situation, doing some research and purchasing at
least some of these types of insurance from reputable companies may make the difference in
your homeowner experience and your family’s well being.
