One of the biggest investments or purchases you will ever make is probably buying your first home. A lot of first-time homeowners don’t realize the importance of getting insurance on their property and belongings and suffer irreplaceable losses due to this fact. Buying a home is not a decision you are going to take lightly, you will probably browse and view until you can’t until you find the perfect place to call home. Or perhaps you would prefer building your dream home yourself. Whichever way, making sure you and your loved ones are insured is imperative.
There is a lot that can go wrong and most of the time, these things are out of your hands. The loss of your property and belongings due to common burglary or even a fire could be devastating if you are not fully covered. In this post we discuss the importance of being insured, let’s take a look at all the reasons why you should get homeowners insurance today.
1. Most mortgages will insist on it
If you are looking at buying a home, chances are you won’t buy it with a roll of notes, in cash. Normal everyday kinda people go to the bank or a special financial services provider who offer mortgages. This is not only to cover you from any natural elements or thieves, but also to ensure the party responsible for the loan will get their money back. Simple as that. This is however not the case in all states, but almost everywhere in the USA.
2. You won’t be held accountable
Let’s say you are having a shindig at your house, for argument’s sake, let’s just say it is your housewarming. Something goes terribly wrong, and your new neighbor is somehow set alight because he was standing too close to the barbeque. Or, you have a very cute but feisty dog who bit your neighbor’s child. If you have homeowners insurance, you will be covered for those instances and won’t be held liable. Your insurance will pay out for any injuries or mishaps that take place on your property.
3. You won’t suffer due to natural disasters
Natural disasters are one of those things that are in no one’s hands and can happen at any time, the devastation it causes is life-wrecking if you are not prepared and protected against losing everything. Imagine a fire or flood wipes your house from the face of the earth, and you are not insured. You would have to start from scratch. If however you are covered by insurance, you will be able to claim some of your losses, depending on your specific insurance contract.
4. Your equity will be protected
As the years go by, you are more than likely to make some sort of renovations to your house. Whether it is just a new coat of paint or new kitchen cupboards, it is bound to happen. Your property’s equity increases over the years, especially when you do some upgrades to the house. If you have homeowners insurance, your equity will not be lost should you lose the house due to natural disasters or other damages.
5. You will be able to replace stolen goods
If you are burgled, and all your appliances are stolen in the middle of the night, it is a big deal. Especially if you aren’t insured. If you have homeowners insurance, you will be able to replace stolen good without a hassle. Even if the burglars had to break a window, bend a doorframe, you name it, you will be covered and the insurance will pay these unforeseen expenses.
Apart from all the facts listed above, home insurance will definitely give you some peace of mind in knowing that your loved ones are protected and that you will be able to provide for them even in the face of danger.
We hope you are convinced and that you are on your way to get insured right now. If you would like to know more about homeowners insurance options, read this insightful post. Our blog features different types of content discussing financial and personal banking matters, be sure to read this article discussing the best financial blogs of 2018 that you have to bookmark.