sourceJust because you have homeowners insurance doesn't mean you're protected.
True protection is when you know for a fact that your policy will provide you and your family coverage that allows you to repair, rebuild, and restart after a major loss. Not assume, not guess, but know you have the right coverage.
Yet time and again I've seen homeowners who buy a policy that "seems OK," without really understanding the coverage they have. Often, it's a decision simply based on which company is offering the basic coverage demanded by a mortgage lender at the cheapest premium. You as a buyer figure that if the mortgage lender is fine with it, then you're amply covered.
You're not. All mortgage lenders care about is that your insurance at least covers the value of the loan. That covers their financial risk, but it doesn't cover everything you need to be truly secure.
Tags: cheapest | Smarts | risk | PREMIUM | policy | Mortgage | Loss | LOAN | Lender | insurance | homeowners | buyer | matters
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