Insuring your home and belongings is one of the wisest decisions you can make. Whether you live in an apartment, condo, or house, having insurance can save you from financial distressint he event of an accident or disaster
. While certain steps can be taken to help reduce risks, like securing your residence and personal belongings, others remain completely out of your control.
In fact, it is for these reasons that many mortgage lenders require their applicants purchase insurance for their properties. Many apartment complexes are following suit and mandating that their tenants acquire renter's insurance.
The main purpose of insurance is to protect you against losses you cannot afford. Few people have the financial resources to rebuild their homes. In addition to protecting your home and possessions, homeowners insurance also provides liability coverage to protect you from financial ruin if someone is injured on your property and sues for damages.