homeowners insurance?

Honey, builders warranty doesn't cover your roof burning in a fire, or being ripped off in a tornado, or having a tree branch land on it.

Homeowners insurance - and every insurance - is a financial tool. For most people, the home is the largest purchase they ever make. Can you AFFORD to buy another home, if yours burns to the ground? If your private fire department puts out the fire, and you only have $50,000 in smoke and water damage, can you afford to pay to fix it? And no, it's not the fire department's responsibility.

If someone slips and falls on your sidewalk, and sues you, do you HAVE the $25,000 you need to hire a defense lawyer? Or the $50,000 you might need to pay the judgement against you?

If you've got milliions of dollars in the bank, and can easily afford another house, or a million dollar lawsuit, out of pocket, and have no mortgage on the house, then no, you don't need homeowners insurance.

If you want to save a few bucks, raise your deductible to $5,000, and pay in full every year. It's stupid money practice, to make monthly payments - the installment fee adds a HUGE bit to the cost - probably another $10 a month.

1. Burglaries.

2. Electrical fires (because they often start instead of the walls are become too large to extinguish before they are discovered, neither the weed abatement code nor the private fire department helps)

3. Windstorms (tornadoes, hurricanes, microbursts, etc.)

4. Lightning strikes.

5. Trees, cars, etc., hitting the house.

I would recommend that you visit this website where you can get quotes from the best companies: http://insurequote.us/index.html?src=5YAyupqlHD761

RE :Homeowners insurance?

I live in a new house with a strict weed abatement fire code and a private fire department. no threat of flood. roof would be covered by builders warranty. I am retired female and live by myself. no smoking. what is the reason to pay $50/mo for ho insurance???

Follow 6 answers

What is the "reason"? Look at your policy and see what it covers: liability, damage, fire, theft, etc. Do you think you're immune to losses? Warranties don't cover those losses - only construction defects.

if the whole house burns down, from lightning or something, you need your insurance company to cut you a check so you can pay off your mortgage don't you? or if you're robbed, you'll need to replace those items.

Ratto is right. In addition someone could hurt themselves at your home, or trip in your yard, etc. You need the liability protection.

Fire, theft, bad storms, the unexpected!