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Home insurance may seem like a necessity to some or a burden to others. Depending on the value of your home and your financial situation, you may be tempted to drop that extra expense of having home insurance. There are more consequences than meets the eye, so most people should keep up with their home insurance. If you live in Laurel, MD, Mid Atlantic Insurance Financial may be able to get you a good deal for home insurance.
Your Bank May Require It
Many banks will mandate that you have home insurance under the terms of your mortgage. You should review your mortgage agreement thoroughly as it may just cause a foreclosure.
You Are Open To Lawsuits
If you have guests at the house and somebody slips and falls, you may have a legal issue on your hands. If a lawsuit is made against you and you are found to be at fault, you will have to cover the damages on your own.
Your Personal Belongings Are Not Protected
If a natural disaster wrecks your personal belongings, then you will have to go out and purchase new stuff on your own. One of the main reasons why people get home insurance in the first place is to protect your personal belongings. Repairs to the house will also be your responsibility.
In the end, it is completely legal to not have homeowner’s insurance if you really don’t want it. Aside from your own personal financial risks, there are no legal penalties for not having it (unlike driving an uninsured car). If you own your house in cash and you are confident that you can cover the risks on your own, then you are free to live without insurance. For the rest of us in Laurel, Mid Atlantic Insurance Financial will have us covered.