Do I Need Home Insurance? If so, Why?

Did you know that approximately 93% of American homeowners possess some home insurance? Although home insurance isn’t legally required in many states, unlike car insurance, your lender likely requires it if you have a mortgage. Let’s delve deeper into why. If you require assistance in Chandler, AZ, consider reaching out to San Marcos Insurance Group.

Why a Lender Requires Home Insurance

When you secure a mortgage, you’re essentially taking out a protected loan. Your property, purchased with the mortgage, serves as the collateral. Thus, in cases of delayed or missed loan payments, the lender can seize the property to settle the remaining balance. Any surplus amount after covering the debts, referred to as "excess proceeds," goes back to the property owner in Arizona.

Mortgages are generally less costly than credit cards, personal loans, and various other debt forms. This is largely because the loan is backed by a high-value property, reducing the lender’s risks. However, if a home gets damaged by a storm or fire, the property’s value diminishes, increasing the lender’s risks. Consequently, lenders necessitate that a home insurance policy safeguard the property.

The Consequences of Cancelling Home Insurance

Canceling or ceasing the payment for home insurance on a property can result in the mortgage lender procuring an insurance policy and billing the property owner. The terms of this insurance policy may not be beneficial from the property owner’s perspective. Therefore, working with an insurance agent to select a plan is often more advantageous. If you need help in Chandler, AZ, the San Marcos Insurance Group is ready to assist you.

Auto Insurance Because There Is No Such Thing as Being Too Safe

The state of Arizona is renowned for its open highways and beautiful climate. Unfortunately, those two factors are also likely contributors to more than 100,000 accidents in Arizona each year. The good news is that there is also protection and help when we become involved in one of those accidents, which is why so many people from around Chandler, AZ, turn to the trusted and professional team at the San Marcos Insurance Group for all their auto insurance needs. Auto accidents will happen, but auto insurance can help.

There Is No Such Thing as Being Too Safe On the Road

Do you try to avoid rush hour traffic when you drive? Do you prefer to drive in the slow lane on the freeway? Do you always check your mirrors one (or three) too many times before changing lanes? That’s okay because there is no such thing as being too safe when you drive. After all, that is also why you want auto insurance, right? Accidents happen, but sometimes safety is as much about preparation as action, and insurance is how you plan ahead before getting behind the wheel. Why? Because you can never be too safe.

For All Your Auto Insurance Needs in Chandler

If you are looking for auto insurance and are a driver in or around the beautiful and scenic Chandler, AZ, area, then the friendly and professional team of agents at the San Marcos Insurance Group is here to help. Want to learn more about auto insurance, coverage options, or choosing the right deductible? Let us help you take the guesswork out of insurance and help you find the right auto insurance for you and your vehicle today at the San Marcos Insurance Group because we can never be too safe on the road.