Your home is likely your most valued asset. Even if you are renting, all your valuables are stored within your residence. Still, you may wonder why you actually need a Home insurance policy. Here are a few reasons why you need a home insurance policy.

Lenders Require Home Insurance

If you have a mortgage on your home, your lender will probably require you to have home insurance. This is to protect their investment as well as yours. Phil Klein Insurance Group can help homeowners in West Bloomfield, Michigan determine the homeowner’s coverage that is required by their lender.

Financial Protection

Homes can become damaged due to a myriad of things, from natural disasters to leaky roofs. These damages may well exceed what you can cover out of pocket, even if your home isn’t a total loss. Without homeowners insurance, you would be faced with getting a loan to repair or replace your home. Then there’s the cost of replacing your things, which most loans won’t cover.

Your Possessions are Valuable

If you are renting, you may not see a need for home insurance. However, your possessions are valuable too. Even if your home doesn’t contain priceless valuables, it would require a good deal of money to replace your possessions. Most of us accumulate possessions throughout our lives and don’t really consider how expensive it would be to purchase everything we need for our home at one time.

Protection From Liability

In many cases, if someone is hurt or injured on your property, they can hold you responsible for their medical bills. In some cases, you may be responsible for lost wages or damages as well. Homeowners insurance can protect you from these risks, and pay associated costs in the case of an incident.

Phil Klein Insurance Group is an independent insurance agency in West Bloomfield, MI. This allows us to find the right home policy for your needs.