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Liability Coverage:
In addition to property damage, home insurance also includes liability coverage. This coverage protects you if someone is injured on your property and holds you responsible for their medical expenses or legal fees. For example, if a visitor slips and falls on your icy driveway, your home insurance would likely cover their medical bills and any resulting legal costs.
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Additional Living Expenses:
If your home becomes temporarily uninhabitable due to covered damages, home insurance often provides coverage for additional living expenses. This means that while your home is being repaired, your insurance policy can help pay for alternative accommodation, meals, and other essential expenses. This feature provides peace of mind during challenging times, allowing you to focus on getting your life back on track.
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Mortgage Requirement:
Most mortgage lenders require borrowers to have home insurance as a condition for granting a home loan. Lenders want to protect their investment and ensure that the property is adequately insured against potential risks. By obtaining home insurance, you comply with the mortgage requirements and safeguard your home simultaneously.
