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EDISON BLOG

One of Life’s Emergencies Covered | Edison Insurance Company

 

 

Peace of mind is priceless, yet when it comes to homeowners insurance, we guard our money carefully and at times skimp or decline the coverages we need to keep us at peace. Many of life’s emergencies are unavoidable, however, the possibility of your home being underinsured or uninsured to avoid the risk of a major financial setback is within our control. Even if your home is paid off, homeowners coverage is the prudent choice when it comes to protecting your savings; as you can offset the cost of out-of-pocket repairs in the event of a loss.

 

Protect your finances

In today’s volatile market, many homeowners do not have adequate emergency funds they can tap into at a moment’s notice. When a covered loss occurs, an insured homeowner will have the backing of their carrier who will step in to mitigate damages and either coordinate repairs or pay for repairs on the insured’s behalf. Imagine suffering a loss and not having someone to financially assist with repairs which more than likely will be thousands of dollars over the cost of a yearly premium. Such a scenario can cause a financial burden and may possibly lead to foreclosure should mortgage payments be missed in the process of making repairs.

 

Protect more than just your home 

A typical homeowners policy with Edison Insurance provides coverage for damages caused by tropical storms and hurricanes, lightning, 

liability claims, vandalism, theft, and fire. In addition to the structure of your home, coverage is also extending to:

 

  • Other Structures — Covers detached structures – ex: garages, fences, and storage sheds

 

  • Personal Property — Covers the contents of your house – ex:  including furniture, clothing, and appliances.

 

  • Loss of Use — Pays for additional living expenses if your home is deemed “unsafe” during repairs.

 

  • Liability — Protects you against financial loss should you be sued and found legally responsible for someone else's injury or property damage.

 

  • Medical Payments — Covers medical bills for someone injured on your property.

 

Lender requirements

Lenders and mortgage companies understand the importance of securing their investments. This is the reason they require borrowers in their mortgagee contracts to carry homeowners coverage, and at times flood coverage, for the life of the loan. In the event a loss occurs, lenders want to make certain the home they have a vested interest in can be repaired and sold to recoup the cost of the outstanding loan. Should the home not be insured, the mortgage contract allows the lender to “forced placed” coverage with the company of their choosing. The cost of “force-placed” insurance is typically very expensive when compared to standard rates and is added to the outstanding mortgage balance and required to be paid by the homeowner at the time of a sale or payoff.

 

Going without homeowners coverage regardless of your financial position is not a wise decision. Edison Insurance Company offers customizable coverage to suit the needs of your family with a variety of flexible payment options. Contact your local agent today and ask for an Edison policy quote and benefit from the peace of mind our company offers to secure your home and belongings. – Edison Insurance Company, the clear choice in homeowner’s coverage. 

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