Home insurance is a serious monthly expense that you may question when you review your budget. For this reason, in order to save money, you may decide to do without it. However, if you do, you should be aware of certain threats of not carrying this type of insurance. Here is a list of some of them prepared by Commonwealth Insurance Center – an insurance company serving Williamsburg, VA and other surrounding areas.
Threats Of Not Carrying Home Insurance
Here is what you should be prepared for if you decide not to buy home insurance:
- Rebuilding costs may be high. Most likely, the cost of your property when it was built and purchased is not the current value. Therefore, if something happens to your home, the replacement costs can be very high. If you do not have home insurance, you will have to cover these costs by yourself.
- You risk facing a liability claim. Most standard home insurance policies cover liability claims. This protects you from possible lawsuits that are caused by dangers around your property. Without home insurance, you will have to pay for all the expenses related to a lawsuit out of your pocket.
- Mortgage default. Many mortgage lenders require homeowners to have some kind of home insurance. Therefore, if you decide to cancel your home insurance policy, your lender will be notified about your decision, and you may risk losing your mortgage.
Commonwealth Insurance Center – An Insurance Agency You Can Trust
Home insurance may be expensive, and you may think that you cannot afford it. However, if you live in Williamsburg, VA, or any other nearby town, contact Commonwealth Insurance Center. Our insurance agents will be glad to help you find a perfect home insurance policy that you can afford. If you have any questions, you can visit our website or give us a call.