To answer the title question above if we really need property insurance? It is like saying that facemasks and vitamins, do we really need that during this pandemic season? To define that property insurance is a broad term for different policies. Which covers homeowners, renters even flood or natural disaster like earthquake insurance.
Let’s say you have a brand new house, you pay taxes and you can afford to repair or sell it right away. Or do whatever you wanted to do lets say buy and sell for profit. You are relaxing living inside or travelling on your 2nd or 3rd home. Then all of the sudden tree fall, flood destroy the wall or a fire came in. What you gonna do now?
That profitable buy and sell, I mean buy, repair and sell will became more expensive to the point that it will not become profitable anymore or a loss because of a disaster. Which is a total different story if you bought or secure the insurance in the first place by yourself.
Real estate buyers, seller and homeowners should know this. Because whatever property you owned you need to protect it at all cause. With the … Read the rest