Should I get Homeowner’s Insurance?
Every once in a while a question is asked whether or not a homeowner should or should not get homeowners insurance. Now living in Florida I would always say yes. But let me break it down for you.
Homes with Mortgages
When you purchase a home with a Loan from a bank, you have no other choice, you MUST get insurance as well as flood insurance. Its mandatory, and if you don’t get it they will assign one to you at a much higher price range.
What if I don’t have a Mortgage?
Now if you own your home out right, no mortgage, no home equity line of credit, then no, you don’t need to get insurance. But my opinion I believe you should continue to keep your insurance.
In case of a hurricane appears and makes land, and if damages occur, your insurance kicks in. Now if you no longer carry your insurance because you felt that you didn’t need it, then the repairs will be yours and yours only to repair. There will be no assistance.
When our insurance have premiums, and usually are higher when there is hurricane damages, but its nothing compare to what it would be had you not have insurance.
Yes, insurance is expensive and lately even more with premiums at $3,000 to $5,000 depending on which insurance you have.
So do you need it? Answer is Yes and No. But that will depend on you! I believe its worth the price you pay!
If you are looking for the right insurance company, give me a call , I can recommend some to you.
Getting you the 411FL!
Jeannette Neerpat, CDPE, e-Pro
7727 NW 79th St
Tamarac, Fl 33321