When you think of home, you're reminded of a place of comfort where your family and friends join together. You think of Christmas morning when there is only smiles and warmth from the love in the room. It is hard to imagine one day, something terrible could happen to the house you have made a home, but there is always a chance. This is why home insurance is so important when buying a house to raise your family in.
We are going to discuss why you should have insurance for your home and why it is crucial.
Protection from Natural Disasters
Depending on your location, a tornado, fire, high winds, or a hurricane, could seriously damage your home and your belongings. We hear about horrible natural disasters on the news all the time, and one day it could seriously affect you and your property.
It would be devastating to lose everything you have and all the money you have invested into your home to be washed or burned away, and have no coverage to get you back on your feet. Most insurance plans for your home cover damage caused by a natural disaster.
Get a quote on home insurance plans to see what coverage you can get for your home.
Protection from Theft
Something no homeowner wants to think about, especially a homeowner with small children, is burglary. But theft and damage caused by a home invasion can be very costly. Homeowners insurance offers coverage for damage caused by theft. It could be damage to the contents, the structure of the house itself, or theft of the contents.
If you are thinking, "No one is going to burgle my house;" think again. Canada is ranked 8th out of 17 in a group of peer countries for burglary.
Personal Liability Coverage
Insurance for your home covers more than just structural issues; some policies also protect you in the event of a lawsuit due to an injury that happened on your property.
For example, if your child's friend decides to take a swim in your pool, and gets hurt, you could be held legally responsible for the child's injury and expenses. Liability coverage, as part of your personal home insurance policy, can help pay for legal fees and medical bills.
It's Required
Most mortgage lenders, including the banks, will not grant a home loan without insurance. This makes logical sense because a lender does not want to invest in a loan without protection.
There are many types of policies and plans depending on what kind of home you have, so be sure to do your homework before settling on which home insurance you purchase.
The Bottom Line
When it comes to home insurance, peace of mind is worth every cent. You can hope a disaster never comes your way, theft never happens in your neighborhood, no one will ever get hurt on your property, or you can get a loan if you need it. But, knowing that your most valuable investment is protected in the event of a crisis is worth the expense.
