Buying a home is going to be the biggest financial decision of a lifetime for the majority of people. So, just like your car and health, you will want to make sure that you are protecting your investment. The best way that you can do that is by spending the money on high-quality home insurance, focusing on just general insurance is not enough. If you are having trouble pulling the trigger, then here are five reasons why you should have home insurance.
Reasons why you should have home insurance
To Protect Against Fire, Theft, Flooding, and Other Incidents
The number one reason that people get insurance to protect their home from unexpected incidents that may occur. Home insurance will cover fires, theft, accidental flooding, vandalism, and random objects fall from the sky. So, it is well worth the investment because you never know what will happen.
There were over one million reported fires in the United States just in the year 2015. However, there are a few things that home insurance will not cover. It does not cover mudslides, earthquakes, landslides, or flooding that is caused by storms. These types of damages are called act of god.
If you want protection from these events, you will want to talk to your insurance agent to see how you can get coverage from these. In addition, if you want specialized insurance to protect your property against fire, theft and some weather damage then you might want to consider property insurance.
To Protect Your Personal Liability
If someone does get injured on your property, you face the possibility that you will be held responsible for their injuries. This is why many companies need to know if you have a pool or trampoline because they can be pretty dangerous. So, to make sure that you don’t get stuck with the bill, many insurance companies will cover these scenarios.
To Ease Your Mind
Even if you live in a safe place and don’t own a pool or trampoline, you always want to be mindful. By just having the insurance you will feel much more calm and secure in your situation. It is always better to be safe than sorry, especially when it comes to one of the biggest financial decisions in your life.
To Provide Temporary Housing
If your home does catch on fire or something does fall on it, you will have to find somewhere else to stay while it is being fixed. While you will have to pay for these expenses out of pocket, your insurance company will reimburse you. That is why it is important that you save your receipts if you have to stay in a hotel.
Most Lenders Actually Require It
Many mortgage lenders will require that you have homeowner’s insurance. It is just like purchasing a vehicle with a loan. The lenders want to make sure that the thing they are helping you pay for is protected. Some lenders will assist you in finding one of the best home insurance companies. You will want to find one that is reputable and is going to actually help you in case something ever were to happen.
When you go to purchase a home, you should go ahead and budget for home insurance. While looking for home insurance, you will want to shop around and compare home insurance quotes. There are a lot of places that will claim to be one of the best home insurance companies. That is why it is important that you are doing the research for yourself and deciding which one will be the best for your situation.
The cost of homeowner’s insurance can vary drastically. According to the Federal Reserve Bureau, on average, most premium costs can range from 300 to 1,000 dollars a year. These prices are based on the age and location of your home. As well as the cost of rebuilding the home, in the case that an incident does happen. The prices can also vary if you have a pool or trampoline, so keep that in mind when you start to compare home insurance quotes.
It is important that you know what to do in the scenario that you actually need to file a claim. When an incident happens, the first thing you need to do is contact your insurance provider immediately. While you are talking to them, you should be prepared to provide your policy number. Make sure that you do not remove anything that is related to the claim until your insurance company tells you that you can.
Once the claim is filed, gather any photos or videos of your home and possessions that you can find so you give them to the insurance adjuster. While the claim is being processed, you will want to keep copies of all communication between you and the insurance adjuster. As well as any records and receipts for the additional living expenses that you have to pay if you had to leave your home during this time period.
With over 6 years of writing and marketing experience, Mark helps insurance companies create the content necessary to help them generate new clients for their firms. This includes web content, SEO, Website Design, Lead generation, and Social media.
Mark has the expertise necessary to meet all the digital marketing means necessary to help you grow your insurance firm. In addition to marketing, Mark spends his personal time making music, studying karate and traveling.
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