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By : Raam Dhakad
KYD - Personal Finance
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If you are financing a home purchase with a mortgage, you should know that your lender will require you to purchase homeowners insurance.
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But whether you are buying a home for cash or owning your home outright, homeowners insurance is still a must.
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Without homeowners insurance, if your property is damaged, you could be stuck with a number of devastating bills.
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Whether you're buying a policy for the first time or have had one for years, here are some big homeowners insurance myths you shouldn't let yourself buy.
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Homeowners Insurance Will Cover Any Repairs You Need You can assume that any minor things that go wrong with your home will be covered by your homeowners insurance policy.
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The purpose of homeowners insurance is to protect you from unexpected damages. But homeowners insurance will not cover the cost of issues arising due to wear and tear.
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Your homeowners policy will completely protect you in the event of theft, homeowners insurance policies usually have a theft coverage component.
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If you've used the same homeowners insurance company for years, keeping your coverage with it will cost the least amount of premiums. But this is not automatically true.
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Homeowners insurance companies do not always reward policy holders for being loyal customers.