Homeowner’s Insurance for Maryland Residents
Homes are increasingly becoming expensive investments. Having sacrificed a lot to secure your dream home, it’s critical to protect it from any unforeseen disasters that may render it uninhabitable. Home insurance is a great way of protecting your investment from risks such as fires, theft, vandalism, extreme weather, and so much more. Home insurance requirements vary depending on the type of house you own. Get in touch with NE Insurance Agency Inc. for more insights into home insurance.
HOA Must-Buy Laws
Home insurance is generally not a mandatory requirement. However, if your Home Owners Association votes to make it a requirement for every homeowner to carry insurance coverage, it will be mandatory for you to purchase it. If the association does not vote on such topics, it won’t be a requirement to carry the insurance.
Mortgage lenders may require you to acquire home insurance to protect their investment until the loan is fully settled. Lenders will set different rules and insurance limits based on the loan amount, the value of the home, and the location of the home. Read through your mortgage documentation before you purchase homeowners insurance coverage.
Choosing the Right Plan
There are several standard home insurance packages to choose from. However, you can still work with a reputable insurance agency to design a custom package that suits your needs. Some of the risks covered by homeowners insurance include fires, lightning strikes, explosions, windstorms or hail, riots, and civil unrest, damages by vehicles or aircraft, volcanic eruption, smoke, snow, etc.
Our experienced insurance agents at NE Insurance Agency Inc. can help you understand a wide range of coverage options and choose the right home insurance plan based on your specific needs and budget. Even if you don’t live in a condo or your lender doesn’t require proof of home insurance coverage, you still need this plan to protect your personal assets in case of damage or loss. Please note that typical homeowners insurance doesn’t cover flood damage, meaning that you’ll need a separate flood policy if you live in flood-prone areas.
Contact our offices to get a quote and speak with our agents to learn more.