Homeowners in Cheraw, SC, are not legally required to purchase home insurance. That said, if you hold a mortgage on your home, your lender will mandate that you maintain home insurance until the loan is paid in full.
What are the Requirements?
The requirements for a mortgage loan can vary depending on your lender. However, nearly all lenders require you to have replacement cost coverage. This type of insurance policy ensures that you will receive compensation for rebuilding a house that has been destroyed by fire, natural disaster, or vandalism. Your lender will likely also specify a deductible limit for this policy to ensure that you are not risking a substantial out-of-pocket expense.
Many lenders also necessitate liability coverage. This covers you if a visitor to your property experiences an accident or sustains property damage. If you have "hazards" such as a pool or trampoline, the liability insurance cost is typically higher than a more "safe" property. Once again, your home lender will likely determine how much liability coverage you need to prevent the financial burden in the event of a lawsuit.
Reach Out to Ingram Insurance for More Information About a Home Insurance Policy
To secure a mortgage loan, you need to meet the basic insurance requirements laid down by your lender. While minimal coverage protects you to an extent, it’s worth exploring other options to ensure your home is fully safeguarded in the event of an unfortunate occurrence. At Ingram Insurance, we pride ourselves on aiding Cheraw, SC homeowners in understanding various home insurance policies and selecting the ones that best cater to their needs. Connect with us to explore more or get policy quotes.
