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Back You are here: Home Columns Weekly Columns Auto and Home Insurance 101 Auto and Home Insurance 101 for February 5th, 2014

Auto and Home Insurance 101 for February 5th, 2014

DO I REALLY NEED INSURANCE FOR MY HOME? MY MORTGAGE PAYMENT INCLUDES IT, WHO
DECIDES WHERE TO GET INSURANCE?

Steve Bowman, Property & Casualty Insurance Broker

Your home is your most valuable possession and largest investment.` Homeowner’s Insurance  protects your investment as well as you, your family and your possessions.
If you suddenly lost your home to fire or tornado, have the contents damaged or stolen, you probably could not afford to replace everything all at once. If you were sued for an injury or damage caused by you or your property the cost of defending against lawsuit could be expensive regardless of the outcome.
All these situations are covered by the homeowner’s package policy.  Another reason you need homeowner’s insurance is that mortgage lenders require it.
No mortgage company will lend large amounts of money needed to finance homes at today’s prices without requiring a policy to protect that investment.  As a means of protecting its investment, the mortgage company collects a set amount from you each month, puts it in escrow, then it pays your insurance and taxes when due.  However, the policy is still yours and you may select the insurance company  you feel offers the best coverage at the best rates.  If you let the lender choose, you may end up paying more.
From the office of: Steve Bowman, Property & Casualty Insurance Broker, 106 K Ave. Kure Beach, NC 28449 : Phone 910-458-1164 : 800-542-2502 : Fax 910-458-7311
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