Consequences of Forgoing Insurance
If you’re a homeowner, then you will know how important homeowners insurance in Renton, WA to protect your property. If you don’t know how insurance can help you, then you may be tempted to skip out on securing coverage. Although most mortgage lenders require homeowners to purchase insurance, if you own your home outright, you may not be required to get coverage. If this is the case, what happens if you don’t have home insurance?
- Catastrophic Loss
If you own your home outright and choose to go without home insurance, you are running the risk of suffering a total loss of what is probably your biggest financial asset. If your home is destroyed in a fire, hurricane, or another disaster, you will be left on the hook for repairing and recovering your home and belongings, which could total hundreds of thousands of dollars.
If someone slips and falls on your property or injures himself in some other way, you might be left liable for huge medical bills. Homeowner policies cover such liability claims and would foot at least most of the bill for a lawsuit involving an injury on your property. If you have no insurance, you would be left facing these expenses on your own.
- Theft and Smaller Claims
Theft, vandalism, and more – insurance covers a lot of scenarios that impact your wallet and possessions. If you don’t have a home insurance policy and you are the victim of a burglary, you will have to write off the value of anything that is stolen.
Are you ready to find the right home insurance policy? Visit the professionals at Humble & Davenport Insurance to get started on your tailored home insurance.