Is Homeowners Insurance Really Required?

By August 30, 2018Homeowners Insurance
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Hensley Insurance has proudly provided Wichita, KS homeowners with protection since 2002.

Is Homeowner’s Insurance Required?

If you own a car, then you likely know that having it insured isn’t a choice. It’s a requirement. Vehicles, after all, weigh more than a ton, and typically move quite fast. Auto insurance isn’t just for you, it’s also for everyone else who might cross your path at the worst possible moment.

If you’ve grown accustomed to auto insurance, then you may think immediately that homeowners insurance is also a requirement. The answer to this is two-part, and of course, we at Hensley Insurance highly recommend that you have your home insured. That way, if disaster strikes, you wouldn’t be left hanging without a home or your possessions.

Homeowner’s Insurance is Recommended but Not Required 

Homeowners insurance technically isn’t required, except for when banks are involved. When you take out a mortgage for a new home, most banks will require insurance to protect the home incase anything unexpected happens, like hurricanes or fires.

The bank, after all, must protect their investment. For all intents and purposes, until you’ve paid off the loan, the bank is the homeowner, and the last thing they want is for that investment to go up in smoke, literally or figuratively. Once you’ve paid off the loan, however, the house is yours to do with as you please. This includes forgoing insurance all together – if you so choose. Trust us, though, homeowners insurance is highly recommended. We’ve seen too many times what happens when homeowners choose not to have insurance.

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Hensley Insurance Recommends

Not only does homeowner’s insurance protect you and your home, but liability coverage will also protect anyone else working or staying at your home. If anyone’s ever injured at your home, a lawsuit may cost more than the insurance ever would.

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You may be surprised by how often accidents really do happen to Wichita homeowners. If you have dogs, trees, or can be victim of unpredictable Kansas weather, accidents can easily occur – and oftentimes do. The average cost per claim from dog bites alone is upwards of $30,000, and if a tree totals a car by falling onto it, you may be responsible for the full cost of the car. Then there are the injuries that might happen to anyone at your home, from guests to workers.

More than anything, though, insurance helps to give you a peace of mind, and the knowledge that if any of the above happens, you’ll have insurance that will help to greatly lessen the blow.

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