Are you planning to purchase a home? Chances are good your mortgage contract will require you to maintain comprehensive home insurance. Home insurance is an investment you make to cover the home from accidental and unavoidable incidents, such as lightning striking the home and starting a fire or someone vandalizing your home. Why do mortgage companies in California require borrowers to maintain coverage? In short, it protects their investment. At Gambino & Wasson Insurance Brokers Inc. LLC, our insurance agents can help you obtain home insurance in Tustin, CA, that meets your needs.
The Importance of Home Insurance
By offering you a home loan, the lender is putting itself on the line. The value of your home works as collateral on the loan, meaning that if you stop making payments, the lender can force the sale of the home to recoup some of its losses. Home insurance protects that investment as well.
If you have a house fire, for example, the home’s value plummets, making that loan far more risky to the lender. If you stop making payments at that time, the lender cannot recoup the value of the home at a high enough rate to cover its investment. With home insurance, the house fire is covered, the home can be repaired or rebuilt, and the lender’s investment remains protected. Most importantly, home insurance protects your investment.
Let Us Make Sure You Have the Home Insurance Coverage You Need
For home insurance in Tustin, CA, that is going to be there to meet your needs, turn to Gambino & Wasson Insurance Brokers Inc. LLC. Our insurance agents will provide you with more information and a quote for coverage that meets the mortgage company’s requirements and protects your valuable asset, safeguarding your home from many types of risks.