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Are homeowners required to have homeowners insurance?
Homeowners insurance is a vital way to protect your home from the unexpected — from fires to disasters to crime. It’s so important, in fact, that your mortgage lender will require you to carry it. If you don’t have a mortgage, though, there’s no law requiring you to purchase homeowners insurance. Is home insurance required? Homeowners insurance is generally not required by state law. But if you have a mortgage, your lender almost certainly will require you to carry a policy. Before you close on your mortgage, you’ll usually have to prove to your lender that you carry an insurance policy on the home you’re buying. If you own a condo…
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3 ways to reduce your homeowner’s insurance premium as costs rise in 2022
Homeowners may see an increase in their homeowner’s insurance premiums this year. In October 2021, S&P Global Market Intelligence reported a 3% to 30% rate hike in insurance premiums across major home insurance providers, with State Farm having the most significant rate increase. The report also found that Texas saw the most significant increase in homeowners’ insurance rates compared to other states in the US. The Insurance Information Institute cited three main developments that led to the rise in homeowners’ insurance premiums. 1. Extreme weather and natural disasters One primary reason for home insurance rate hikes is the rise of extreme weather and natural disasters. According to data from the III, the number of claims…
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Solved! How Much Homeowners Insurance Do I Need?
Q: I’ve heard homeowners insurance is important o make sure your assets are covered in the event of a loss. But how much homeowners insurance do I really need, and how do I determine the right amount? A: The question of how much homeowners insurance you really need is a detailed one to answer. There are different coverage types that handle different assets. Someone might need to take out additional insurance, such as flood insurance, for certain types of disasters. And how much insurance a homeowner needs can also depend on how much their home and possessions are worth. These points are just for starters. Homeowners insurance comprises several different types of coverage,…
