Do I Need to Have Home Insurance in Maitland, Florida?

Do I Need to Have Home Insurance in Maitland, Florida?

It’s important to figure out if you actually need homeowner’s insurance in Maitland, Florida or not. After all, if you can avoid the cost, shouldn’t you take it? This is what many homeowners think when they look at the cost of homeowners insurance policies. However, the reality is that you definitely want to have the policy, even if it is not required.

Florida Requirements

There is no state law that requires you to have homeowner’s insurance. This means that it is up to you as to whether you have a policy or not. Even if the state doesn’t require it, it can be extremely advantageous to have a policy. Further, the state may require you to have flood insurance or some other type of insurance policy based upon where you live.

Mortgage Company Requirements

Even though the state does not require you to have insurance, the mortgage company that you have your loan with may require you to have a policy. The reason for this is to provide coverage in the event that something happens. The mortgage company wants to know that their investment is being cared for. This means that they may dictate exactly what kind of coverage you have on your home.

Often, when you get a mortgage, they will ask you specifically who you have homeowner’s insurance with, or will help you to shop for homeowners insurance. You will then often make your escrow payment to include not only property taxes, but also homeowners insurance. Your mortgage company will then take care of paying the insurance policy on an annual basis for you.

The Benefits of Having Home Insurance

There are countless benefits to having home insurance. Perhaps the most important is the peace of mind. If something happens your home, such as a fire, flood, or burglary, you want to be able to file a claim with the insurance company. They would then take care of everything so that you can minimize what you pay out-of-pocket. Without a policy, you would be financially responsible for all of the repairs and replacements.

A perfect example is if there is a fire. While you would hope that the fire trucks would get to your home in time, there is no guarantee that this would happen. Your home could burn to the ground. Without a homeowner’s insurance policy, you would not be able to have a place to live. You would be deemed homeless all because you didn’t bother to spend the money on a homeowner’s insurance policy. This is the very reason why mortgage companies require you to have a policy.

You want to be smart about your investment. Your home is an investment, and even if it is completely paid for, it’s best to have a home policy so that issues are taken care of by the insurance company. Policies can be very affordable, and you always have the ability to shop between the different companies in order to try to get the best rates.