This is What Happens When Your House Does Not Have Coverage

If everyone around you is spending a great deal of money on home insurance, they must be doing something right, right?

Right—and this blog tells you exactly why.

Defaulting on Your Loans

If loans weren’t a bad enough prospect already, you also have the looming prospect of defaulting on your loans, which is even worse. In the event that your house suffers any property damage, you’ll have to pay out of your own pocket. This can happen in the event of a natural disaster or break-in. If you happen to be paying your mortgage at the same time or if you’re making your monthly payments, you’ll be set behind your financial timetable. You might have to take additional loans or default on others while you deal with the situation at home—all of which puts you in a terrible position.

Less Likely to Sell

Home insurance, you’d think, shouldn’t have any discernible effect on the resale of your house, but it does. If you’re selling your house without a homeowner’s insurance on it, it is less likely to attract potential buyers. This could make you lose a significant amount of money, face delays in selling your property, or force you to settle for a less-than-lucrative deal for a house that would otherwise sell handsomely with insurance.

Theft Risks

Robbery, break-ins, burglaries—in short, property crimes—are not uncommon in the Massachusetts. While not all homeowner’s insurance policies cover for theft, some do. Those that do help cover you financially in the event that your house was broken into and expensive, valuable items stolen.

We would strongly suggest that you buy a homeowner’s insurance policy if you have valuables in your home which, if lost, could mean an incomparable financial loss for you.

You’re looking at anything from stolen equipment to TVs, not to mention the property damage costs that are certain to be incurred in the event of a break-in.

Basic Liability

If someone else is hurt on your property, whether by deliberation or negligence, they can effectively charge you with personal injury claims. You’re liable to pay for the damages and injuries they have sustained. Refusing to do so means a drawn-out court battle that’s in nobody’s interests.

Having coverage through an insurance policy means you’re safe from any such accidents that could possibly occur on your property. Even someone tripping and falling on your property could land you in trouble—but only if you don’t have the proper coverage for it.

Looking for Homeowner’s Insurance in Indian Orchard?

Get in touch with us at Western Mass Auto Insurance today to discuss your homeowner’s insurance policy options. We can provide you a free quote and leave you to decide whether or not you should go ahead with what we’re suggesting.