I just acquired ownership of a new house and the bank told me I had to buy homeowner’s insurance on the house. Homeowner’s insurance is expensive, and I just do not need more expenses. This house cost me enough. Where does all this end? I stood up to the bank and refused to bow to their stupid rules and buy expensive homeowner’s insurance.
Do you know what that darn mortgage company did? They went forward and put hazard coverage on my house, and I have to pay it. They gave me some stupid story that there are no guarantees that my house will not be destroyed in a weather related incident or by a fire at some point and they want to protect their interest and be able to get their money back in the event the house is destroyed. They did not even insure my possessions.
This drove me to examine homeowner’s insurance and what I found was it was a lot less expensive, so they forced me to buy a private policy because theirs was too expensive. My house and possessions are now covered. If someone is injured on my property and I am sued, I am protected. If my house becomes destroyed, I am covered. If I lose my job, my payments are paid for me.
I guess I made a big mistake by not buying homeowner’s insurance in the beginning. Do not make my mistake. Buy your homeowner’s insurance today.