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Why US Property Owners Should Assess Insurance Needs Regularly

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Why US Property Owners Should Assess Insurance Needs Regularly - United States - property owners - property inssurance

Insurance is vital for owners of property, simply because housing is worth so much money. Recent statistics showed that six percent of homeowners make a claim in the space of just a year – 97 percent of which are related to property damage.

Thousands have been compelled to sign forced placed insurance. Courtesy of Complaint Center

However, research by the property data provider MSB shows that almost six out of 10 homes in America don’t have enough insurance; most policies would only provide enough cash to pay for 80 percent of a property’s rebuild.

Whether you have mortgaged your home or are a cash buyer, your property is likely your most valuable asset – so it makes sense to protect it. However, the insurance product you choose for your property depends on what you plan for its use.

Owner-occupier insurance

Buyers that intend on living in their property require several different forms of insurance to ensure the building, possessions and family are secure.


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.