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Reasons Why You Might Need a Homeowners Insurance

Your house is probably one of the most valuable assets you own, and like all assets, it will need proper protection. With homeowners insurance, you’ll be able to protect your property against theft, natural disasters, and other damages that may befall it. About 90% of property owners in the US have some sort of insurance coverage that protects their homes and valuable possessions, so if you haven’t invested in a policy yet, it is high time that you jump on that bandwagon and protect your home. Take a look to see what companies offer insurance in your area, what coverage they offer, and the costs involved. Compare and contrast several policies and read reviews as some companies may have abysmal ratings whereas others may be more favorable, and find the one best suited to your needs. If you’re still not sure whether or not to get homeowners insurance, here are a couple of reasons why you should.

An Essential Requirement

You might think that homeowners insurance is optional, but that’s not always the case; it can sometimes be a requirement, especially if you have a mortgage. In most cases, lenders might request that you get homeowners insurance before they approve your loan application, so getting this insurance might not even be an option in these cases but a necessity.

If you don’t have homeowners insurance, the Consumer Financial Protection Bureau explains that your lender may buy the insurance for you and charge the costs, so you must keep that possibility in mind as well. However, you should purchase it on your own since homeowners insurance can be more expensive and offer less coverage if the lender buys it.

Full Protection

As the name suggests, homeowners insurance is designed to protect your property. The standard policy for homeowners insurance not only protects the physical structure of your house but your personal belongings as well, even if you have stored those belongings somewhere in the backyard or the garage. The Canada-based insurance specialists over at explain that homeowners insurance can also include dwelling coverage, other structures coverage, and personal liability coverage. Thus, if you have any additional structures attached to your house, like a garage or a deck, the dwelling coverage will pay for their repairs. Similarly, suppose one of your family members gets tangled in a personal injury case. In that case, you’ll be able to pay for any legal fees and repair costs with the personal liability coverage offered by homeowners insurance.

As mentioned earlier, this insurance will protect you and your family members if a natural disaster or an accident occurs. For instance, if a fire breaks out in your home, homeowners insurance will help pay for any temporary living costs, like the hotel room expenses, for example.

Liability Coverage

Although the chances of a guest getting injured on your property might be slim, it can still happen anytime, which implies a world of legal troubles. In that case, you can use homeowners insurance as a means of protection. Homeowner insurance will pay an adequate amount of compensation for your injured guest if you were legally the one at fault, thus, nipping the legal processes in the bud and eliminating your legal liability. This advantage, or what’s also known as liability coverage,  is another crucial aspect of homeowner insurance, despite how much people tend to overlook it. Note, however, that there is always a limit specified in insurance policies, so ensure that you check it to understand the extent of this coverage.

Protection from Theft

If someone breaks into your house, steals valuable items, and damages your property, you’ll probably be shocked as to how such a mundane occurrence could happen to you. While it’s very disheartening to know that someone took your precious belongings, you can, in a way, make up for that loss. Homeowners insurance grants protection for any items, personal or otherwise, in your house. Therefore, in the off chance that thieves do break into your house and do irreparable damage to your property, you will be covered for these losses.

Peace of Mind

Homeowners insurance will help you protect your property, your family, and anyone who steps foot into your house. It’s easy to obtain, relatively affordable compared to other insurance types, and offers various benefits according to your insurance plan’s policies and your premium. Overall, you won’t have to worry as much as you did before about maintenance expenses or how you’ll afford to pay legal compensations should you be involved in a personal injury case. So, whether you have a villa, an apartment, or simply a humble house, getting homeowners insurance will give you the ultimate peace of mind.

Now that you know why you might need homeowners insurance, you can look for a reputable provider and get the best policy for your needs. If you’re insuring your home, make sure that you have proof of possession of insured items so you can claim compensation should anything happen to them. Keep in mind that you won’t be able to claim benefits for unauthorized constructions and that your policy will only cover your property and its various components, so the land itself isn’t technically insured. Finally, make sure to customize your insurance policy according to your needs to get the most out of your plan.