5 Reasons Why You Should Insure Your Home

5 Reasons Why You Should Insure Your Home

Owning a home is one of the largest financial investments everyone would ever make. With ever-increasing accommodation demands, renting has become very expensive. The average renting cost has seen a significant 30% increase in the last four years and so buying a home is a smart financial decision. It has, therefore, become necessary that you safeguard this property in order to get the maximum benefits later. There is evidence to show that insurance is a factor when determining its value and below are five reasons you should consider insuring your home 

 

  • Protect your home from loss 

 

No matter the extent of the damage, a good home insurance policy will save you expenses related to replacement or repairs. Your home is at risk of countless disasters such as rainstorms, hurricanes, fire, among others, and you never know when any of them will hit. To protect your home, you can opt for a policy that will replace your damaged property rather than pay actual cash value in any unfortunate eventuality.

 

  • Cover personal belongings 

 

Having a homeowner’s insurance policy is equally as important as putting together security features in your home to keep off intruders. Building a fence, installing security cameras and motion sensor lights, and a security system is a good step towards protecting your belongings from home burglary. But a lot could still go wrong in your absence or while you are away. Consider having a policy that covers your properties irrespective of where they are. You can also reach out to companies like Storage Stockport for free storage insurance for your extra belongings.

 

  • Temporary housing needs 

 

Some homeowner insurance policies provide temporary accommodation for policyholders in the event of a fire or natural disaster. Most, if not all, home insurance policies do cover for additional living expenses while your home becomes uninhabitable due to disaster. These costs may include interim housing costs and expenses while your home is undergoing repairs. 

 

  • Protection from a lawsuit 

 

Depending on your policy, home insurance may offer relief in the face of a lawsuit. Should someone accidentally be injured in your home or property and file a claim against you in court, the liability provisions in a homeowner’s insurance policy should cover you. If the injured person files a personal lawsuit against you, the insurance company will provide the defense. Your liability coverage should pay up to the amount of money you have in your liability insurance. 

 

  • Insurance isn’t expensive

 

As astonishing as it may sound, insurance isn’t expensive. It might probably not be high on your priority list, but its benefit is enormous. Home insurance policy may seem an unwanted expense, but with the spate of unpredicted natural occurrences, it is practical to sign up for a policy. You can’t be so sure how much disasters like rainstorms, flooding, and fires will cost you in repairs or and replacement. 

Having a home insurance policy won’t prevent or make your home or belongings susceptible to damages. Instead, it offers a safety net should the unexpected happen.    

*this is a collaborative post*

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