What Would Happen If You Didn’t Have Home Insurance?
Home insurance is a necessity that many people take for granted – so much so that you may have forgotten why it is so important to have. You might have even thought to yourself that, as nothing has happened to your home for so long, that you don’t need home insurance, and that it is a waste of money. However, if this is you, you should consider these key points, rather than find out the hard way.
- 1 #1 You Are Likely to Have Some Trouble with Selling the House
- 2 #2 You Are Likely to Have Mortgage Problems
- 3 #3 You Won’t Be Able to Afford Something If Disaster Occurs
- 4 #4 Homeowners Insurance Helps You to Remain Protected When Someone Is Suing You as a Result of Something on Your Property
- 5 Author
#1 You Are Likely to Have Some Trouble with Selling the House
You might not know this, but if you are uninsured, realtors might be difficult to recruit. They are less likely to involve themselves in a property that hasn’t got insurance. You might find that this damages your property’s chances of selling well on the market, as it cuts off a source of much-needed expert advice.
This can be exceptionally damaging, and you might find that buyers are less likely to be interested in the property if it is uninsured by its current owner. If there is damage and it needs to be repaired through the selling process, and you can’t afford it, a realtor might let go of the property.
#2 You Are Likely to Have Mortgage Problems
This is going to affect your credit score badly. You are going to need to make sure that you are insured, as lenders can send your loan into default. It is most likely that, if you were required to have insurance when buying the property, and you cancel, you are going to violate the terms of your mortgage.
You might be forced into getting new insurance by your lender, which can be more expensive and less effective than any policy you happened to have in place before.
#3 You Won’t Be Able to Afford Something If Disaster Occurs
If you have a lot of money, then good for you, but you won’t have anyone covering any of the costs if your house is involved in a natural disaster and it takes significant damage. You will find that, if you have lost anything in your house, you won’t get compensation for it either.
Therefore, it is so important to have homeowners’ insurance. A good way to gain access to one is by checking out the best insurance broker ottawa has available.
#4 Homeowners Insurance Helps You to Remain Protected When Someone Is Suing You as a Result of Something on Your Property
If someone is injured on your property and they decide to sue you, if your house isn’t insured, you might find that you are in for a rough time. If you are insured, it can help you to take a lot of the financial impact for you, as well as the possibility of legal backing to fight any case made against you.
It gives you a small layer of protection, much like if you were being sued for being at fault in an accident and your insurance company would help you take the brunt of the blow.