Although you probably know that home insurance in Connecticut is required, you probably aren’t entirely sure what the ramifications are if you don’t have it. While it’s not necessarily illegal to not have it, there are some heavy consequences if you don’t get it. Here are some of the things that having an insurance policy on your home will protect you from.
Injury on the Property
If someone outside of your own household is injured while on your property, your homeowner’s insurance policy should cover the cost of damages. However, if your home is not insured, then you will likely be held responsible for the ever-mounting costs of their medical care.
Default on Your Loan
Although you won’t get arrested for not having homeowner’s insurance, most lenders will require you to have a specific amount of coverage during your mortgage term. If not, this may be considered a default and you may lose your loan.
If you choose to skate by and not pay for home insurance in Connecticut, you may be saving money month to month but if something happens down the road, you’ll likely pay dearly for it. A home insurance policy will protect you from a lot of different situations but ultimately you probably cannot afford the liability of not having a full policy in place.