Are Home Owners Insurance Plans Really Necessary? Consider the Consequences of Not Being CoveredArticle Posted by Expert Author: Carly Jorge on 03/15/2013
Most people think that not getting home owners insurance simply means that they're taking the risk of not being covered in the event of damage to their property. While this is a huge and unnecessary risk to take, it's important to realize that there are other risks in play as well. For example, if you don't get home owners and you are paying a mortgage every month, be prepared to see your mortgage payment rise. Your lender does require this coverage and they will add a policy if your property isn't covered. And you'll have no say in how much it costs.
Home owners insurance plans don't just cover your property. They also protect you from liability. For example, if someone injuries themselves on your property, depending on the circumstances you could be held responsible. Without a homeowners policy you could be on the hook for thousands and thousands of dollars. If you don't have the cash at your disposal then a lien could be placed against your property or your wages could be garnished. It's important to remember that one reason you have this coverage is to protect yourself against this type of situation and without it you put your financial security at risk.
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