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Buying a house is a major investment, and as a homebuyer, it's important to do everything you can to protect the investment you make in your property. Homeowners insurance is one of the biggest keys to protecting your investment, and most lenders require you to purchase insurance if you have a mortgage. Even without a mortgage, insurance is important for every homeowner. Our REALTORS® are here to help you protect your home, with our guide to making sense of homeowners insurance.
Why Mortgage Lenders Require Homeowners Insurance
Whether you're shopping for Beavercreek homes for sale or homes in another location, your mortgage lender is likely to require you to purchase homeowners insurance. Lenders require insurance because it protects their investment in your home. If something goes wrong with the property, the lender wants to know any costs will be covered. With the right insurance policy, you'll be able to cover repairs of the most common issues that can damage your home. In addition to covering damage to the home itself, many home insurance policies provide coverage to repair or replace personal belongings in the home.
