Should you only buy insurance if it’s required by law? If you answered yes, you are very wrong. Buying insurance because it’s a legal requirement is getting your financial priorities wrong. Similarly, you are also missing the point if you are not buying insurance because it isn’t required by law.
Back to home insurance. Is it mandatory? No Illinois law requires you to invest in home insurance. However, if a federal-regulated financial institution has financed you, they may require you to purchase basic home insurance. Why? You see, just like you, your lender has a financial interest in your home. As such, it makes sense to secure it until you have paid off your mortgage.
Why should I invest in home insurance?
Asking whether you need home insurance is like asking whether you need a health insurance plan. While both aren’t required by law, you still need them to cushion you when the unthinkable happens. You need to purchase home insurance from OnQuote Insurance because it protects you in the following areas;
- Liability protection: Home insurance protects you when accused of property damage and bodily injury by others. It also comes to your rescue when sued by third parties.
- Asset protection: Home insurance protects your building and the contents inside from perils like fire, theft, vandalism and other natural disasters.
- Loss of use: If your home becomes unlivable due to damage by a covered risk, home insurance puts you in a hotel or a home equivalent to your home until your dwelling becomes habitable once again.
- Medical payments: Your home insurance pays for medical costs for injuries sustained by third parties while on your premises.
Would you like to protect your Illinois home with homeowner’s insurance? Please get in touch with OnQuote Insurance for an affordable quote.