When do people in New York need home insurance?

Owning residential property has generally been a good option for those in the Croton Falls, NY area. When you invest in a home here, you will want to know that you have the right insurance in place. For many here, this means getting a full home insurance plan with appropriate coverage. There are various situations when this coverage is considered necessary for property owners. 

When Financing the Home

A situation when home insurance is a necessity for those in New York is when you are financing the purchase. Real estate prices throughout this area have continued to rise in recent years, and financing the purchase with a mortgage is often the best way to buy property. In many cases, your mortgage lender will require that you carry home insurance until you have paid off the loan in full. This is required as it helps to protect their loan collateral. 

HOA Rules

You may also be required to carry home insurance based on the rules set by your HOA. If your home is part of a larger association, you likely carry a certain level of home insurance. This provides assurances that you have proper liability insurance and that you can make repairs if the home is damaged. 

Those who are in the Croton Falls, NY area will want to know that they are appropriately covered with insurance at all times. As you will need a quality plan, it would be a great idea to call our professionals with the Carminucci Agency when you are ready to start looking for coverage. Our experienced team with the Carminucci Agency will help you create a plan that meets your needs and covers your property.