Are you considering taking out a mortgage? Remember, your mortgage payment isn’t the sole bill you’ll need to tackle. Most lenders necessitate home insurance, and you may need to account for other costs, such as taxes. In this article, we explore why insurance is required. If you’re seeking an insurance company serving Matthews, NC, consider contacting JC Demo Insurance Group.

Why Home Insurance is a Must From a Lender’s Point of View

Mortgage loans are collateralized, meaning they are secured by a particular asset. In most instances, the house being purchased serves as collateral. If a borrower fails to make their mortgage payments, the lender can take the home and sell it to recover the loan amount.

For this reason, the property’s value is of paramount importance to the lender. The more valuable the property, the lower the risks for the mortgage lender. Essentially, while the homeowner owns the house, the lender owns the collateral. 

The property’s value decreases if a home suffers damage during a hurricane. However, as long as the home is adequately insured, there’s coverage for potential damage. Repairing the home can restore the property’s value. If the damage isn’t covered and left unrepaired, the lender would receive less should they be forced to sell the property.

In essence, home insurance protects both the lender and the homeowner. When disaster strikes, you won’t want to bear the burden of costly repairs. As you shop for home insurance policies, understand that there are various considerations and potential pitfalls. If you’re looking for an insurance agency serving Matthews, NC, feel free to contact JC Demo Insurance Group at your earliest convenience.

At JC Demo Insurance Group, we are frequently surprised to see several people in the Matthews, NC area going years without seeking a home insurance review or price quote. Some haven’t had a review since their initial home buying.

Why should you get a homeowner’s insurance review and price quote, and how often should you get these?

Reasons to Get a Home Insurance Review

There are several reasons that include:

• After making any major home improvements.
• When you suspect home values have changed significantly.
• If you add an attractive nuisance like a pool.
• If you get a dog.

Of course, you may also want to get a review and price quote if you have a bad experience with your home insurance company or find yourself facing a steep rise in your premiums.

Why People Don’t Get Reviews More Frequently

Homeowners can neglect their home insurance for various reasons. It is often paid automatically or with property taxes and the mortgage. They may not think it makes a difference (it does!). Some may not even think about it.

Ideally, you should get a price quote and review it annually or at least every two to three years. If you go for a longer duration, you may end up overpaying or encounter gaps in your coverage. We can help.

Schedule a Home Insurance Review Today

Getting a home insurance review may be easier than you think. Get your policy and reach out to us at JC Demo Insurance Group, serving the Matthews, NC area. We are qualified to review your policy regardless of the issuing company.

Feel free to ask any questions you may have, and we’ll work on a price quote. We can also assist you in making the change. Contact us to get started.

If you have to file a home insurance claim, it can be intimidating for homeowners around Matthews, NC, especially if the party experienced a horrific event. It’s essential to be aware of common mistakes they make when navigating the complexities of insurance claims and understand how to avoid them.

Underestimating the Damage

One of the most common mistakes homeowners make when filing insurance claims is underestimating the extent of the damage to their property. It’s crucial to thoroughly assess and document all damage before filing a claim to get everything you are entitled to regarding adequate compensation.

Delaying the Claim

Some homeowners make the mistake of delaying their insurance claims. It’s important to file a claim as soon as possible after damage occurs, as delaying the process will ultimately lead to problems and the denial of the claim.

Incomplete Documentation

Incomplete or inadequate documentation is another common mistake homeowners make when filing insurance claims. Thoroughly documenting all damage, including photographs, videos, and written descriptions, is crucial to supporting your claim and ensuring a smoother claims process.

Neglecting Regular Maintenance

Neglecting regular property maintenance can result in denied insurance claims. Homeowners should ensure routine maintenance tasks are carried out to prevent avoidable damage and maintain their home’s insurability.

Not Understanding Policy Coverage

Many homeowners make the mistake of not fully understanding the coverage provided by their insurance policy. It’s important to carefully review and understand your policy to ensure that you are adequately covered and aware of any limitations or exclusions.

JC Demo Insurance Group Helps Guide You

JC Demo Insurance Group will help guide you and show you how home insurance can save you money in the long haul. Our team covers the Matthews, NC, region. Contact us today.

Most Matthews, NC homeowners know about the importance of flood insurance. After all, flooding can occur just about anywhere and at any time in the Tar Heel State. However, it’s important to realize that not all types of flooding are covered by flood insurance. If your home floods due to a burst pipe or water leak, your flood insurance policy won’t cover the damage. For such instances, you’ll likely need personal property coverage and loss of use coverage.

Personal Property Coverage

A regular homeowner’s insurance policy typically includes dwelling coverage, which will cover the cost of repairing your walls, floors, ceilings, and other areas of the home that burst pipes and water leaks have damaged. However, you’ll need personal property coverage to cover the cost of replacing personal valuables such as electronics, furniture, and clothing. If your items are very valuable, you may want to have them appraised to determine how much coverage you’ll need.

Loss of Use Coverage

It takes time to clean up flooding in your home, identify the cause of the damage, and do needed repairs. Loss of use coverage compensates you for relocation expenses such as hotel and restaurant bills.

Contact JC Demo Insurance Group Today

JC Demo Insurance Group serves Matthews, NC, homeowners of all ages and walks of life. We offer various insurance policy options to make obtaining the coverage that best suits your needs and budget easy. Get in touch with us at your convenience to find out more about our policy options or to obtain the policy of your choice.

Safeguarding Your Investment with Home Insurance – JC Demo Insurance Group in Matthews, NC

Buying a home is a significant milestone, and safeguarding it should be given due consideration. This is where home insurance fits in. It’s not just an essential protective measure but often a requirement for many homeowners. Even if it’s not obligatory, this security layer can save you from unforeseen adversities. If you’re exploring home insurance options, contact us at JC Demo Insurance Group in Matthews, NC.

Why do Lenders Insist on Home Insurance?

If you’re financing your home, your mortgage lender will most likely require you to have home insurance. They technically own a share in your property until the mortgage is paid off, so they have an interest in safeguarding their investment. The coverage should be active from the day you take ownership of the home. If your home encounters harm and lacks insurance, the financial burden might fall on the lender, leading to significant losses.

HOAs, Covenants, and the Need for Home Insurance

You might believe that home insurance is no longer necessary to pay off your home. However, you could still have to maintain coverage. Many residential communities have charters or covenants defining certain standards like yard maintenance. Often, these also admonish residents to uphold home insurance. The rationale here is to uphold the neighborhood’s property value. So, even with no mortgage, housing regulations may still make insurance mandatory.

Time to Safeguard Your Home with a Home Insurance Policy

If you’re yet to secure a home insurance policy, now is the right time. At JC Demo Insurance Group in Matthews, NC, we are committed to helping you find the proper protection for your home. Give us a call today, and let’s get started.

Roof Damage and Home Insurance: What’s Covered?

In Matthews, NC, JC Demo Insurance Group is your trusted partner in safeguarding your home. Understanding the types of roof damage covered by home insurance is crucial for homeowners seeking peace of mind. Many homeowners have no idea what may or may not be covered by their home insurance policy, which can impact them when it comes time to file a home insurance claim. Here’s more information about what type of roof damage is usually covered by a home insurance policy.

Weather-Related Protection

Unpredictable elements like windstorms and hail can cause significant damage to your roof. Home insurance steps in to address repairs or replacements, ensuring your home remains secure after weather-related incidents.

Water Woes

Leaky roofs and ice dams are common concerns, especially during heavy rainfall or winter freezes. Home insurance provides coverage for water-related damages, protecting your home’s interior and structural integrity.

Impact from Above

Whether it’s tree limbs during storms or debris carried by strong winds, falling objects can harm your roof. Home insurance covers the aftermath, ensuring your roof is restored without a heavy financial burden.

Fire and Vandalism Safeguards

Roof damage can result from wildfires, accidental fires, or intentional vandalism. Home insurance offers protection against the costs of repairing or replacing a roof damaged by fire or deliberate acts.

Connect with JC Demo Insurance Group for Peace of Mind

For personalized insights into the comprehensive coverage of roof damage and home insurance solutions in Matthews, NC, connect with JC Demo Insurance Group. Call us today or visit our website for information tailored to your needs, providing confidence and peace of mind for your home.