Buying a home is the culmination of a lot of hard work and is often the answer to your dreams as well. Now that you have added a valuable asset to your portfolio, you need to consider all of the issues that come with this. Everything from plumbing, electrical problems, even issues with the foundation of the house could cost several thousand dollars to repair if you’re not properly insured.
And if you haven’t started a family yet, and it’s part of the plan, hopefully, you’ve bought a place large enough to accommodate an expanding family. But first things first, and that means protecting your new property with a homeowners insurance CT policy. This important coverage is a requirement and most lenders will decline buyers until they secure a policy.
The simple fact is that you probably won’t be able to afford to rebuild your home and replace everything in it if there’s ever a disaster resulting in substantial damage to your home. Not only can your homeowner’s insurance coverage protect your property, but also most, if not all, of your personal possessions as well.
Coverage for all types of exposures
As a new homeowner you really need to have insurance. It’s a policy that provides coverage in the event that your property is destroyed or damaged by anything from a fire or windstorm, to theft or vandalism, and much more. For example, if someone, perhaps a friend, a neighbor, the postman, or even a complete stranger, happens to be injured while on any part of your property, with the right insurance coverage you’ll feel safe in knowing that, in the event of a lawsuit for any serious injury, your property will be protected.
Having a policy really helps, no matter what type of home you own. Even if you live in a condominium, you should understand that the condo association or cooperative isn’t responsible to pay for any damage inside your unit, regardless of how it was caused (such as a pipe bursting or an electrical fire). After all of your hard work to make your dream come true, don’t let a lack of coverage, or even being underinsured, be a cause for personal misery. Make sure you purchase adequate homeowners insurance in CT to cover rebuilding your home from top to bottom.