There are a lot of good reasons to carry Miami homeowner’s insurance. Unlike auto insurance, you are not required by law to carry insurance on your home. However, this does not mean that it is a good idea to cut corners on your homeowner’s insurance policy in an attempt to save money. Here are some of the best reasons to keep your Miami homeowner’s insurance up to date.
It protects you from loss
Protection from loss is the primary reason to carry homeowner’s insurance. In the event of damaging weather, vandalism, a fire, or another kind of accident, your insurance policy payout will be a big help in repairing the damage to your house and replacing lost property.
It protects you from personal liability
If someone is injured on your property, homeowner’s insurance also protects you from liability. Most homeowner’s insurance policies have a personal liability clause with a relatively low amount of coverage, but additional coverage can be picked up for little extra cost to you.
Your lender may require it
The bank or lending institution that holds your mortgage may require that you have homeowner’s insurance. The vast majority of lenders ask that their borrowers all carry insurance in order to protect their mutual investments. If you are only insuring your property because your lender requires it, you can generally get away with a lower-cost policy that only covers the amount of the mortgage.