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Top Five Reasons Why You Should Protect Your Biggest Investment With Homeowners Insurance
Author David Schneider | May 23,2007
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For many in this country, one of the greatest facets of the American dream is the ability to own your own home. It often takes many years to be able to get to the place where this can happen. Yet, it is still possible for those dreams to be suddenly wiped away. Homeowner's insurance is one way that you can take action in advance to help minimize the actual loss - if and when it should come to you. Here are the top five reasons why you should buy homeowner's insurance to protect your biggest investment.
1. Because You Cannot Buy Houses Everyday
Probably the greatest reason is simply that you cannot buy a new house everyday. In other words, you probably do not have enough money in the bank to go out and buy another house should you lose the one you have. Homeowner's insurance is there for just that reason. If you lose your home to disasters like a fire, tornado, hail, windstorm and more, then the insurance company is there to help you recover from the possibility of total financial loss. It can even cover some of the expenses you incur because you are displaced, and inconvenienced.
2. Because Your Personal Property Is Often Irreplaceable
Personal property is often subject to things like theft, fire and water damage. The value of your personal property, such as your TV, jewelry, electronics, computers, etc., is often irreplaceable because of emotional attachment and sentimental value. While no insurance company can pay for the sentimental value, much of your actual investment can be recovered allowing you to be able to get similar items, which means that you have a replacement - as opposed to a total loss of that item.
Other unforeseen events, such as the breaking of a water line, or a water heater exploding, can also be covered. In such an event, there can be much damage to not only personal property, but to the house itself. Having homeowner's insurance enables you to have comfort in knowing that your house and possessions are covered. Personal possessions will need to be listed, and possibly photographed, in order to be covered.
3. Because Your Lender Requires It
When you take out a mortgage to buy your house, your lender will most likely require that you get homeowner's insurance. In fact, your mortgage probably won't be allowed to clear unless you buy a policy first, and present proof at closing. Considering that your lender wants to be prepared against the possibility of loss, even with all their money, shouldn't you also want to follow their example? They could probably afford the loss - can you?
4. Because You Need Lawsuit Protection
Here is one thing that is becoming more and more common in this era. In some places, like the big cities, it is a common way of doing things. You have a problem, you sue. In a litigious society like ours, it can surely happen to you. If there are simple little things, like your sidewalk not being shoveled or salted soon enough, and somebody slips and falls, then a lawsuit could be right around the corner for you.
Having a homeowner's policy, though, can take care of that concern for you. They can even provide lawyers for your defenses that are experienced in the matter of personal liability lawsuits. Another great benefit is that they can also pay the damages for you, too. However, making sure that you learn the laws about what is required of homeowners, and doing all you can to prevent such accidents, will go a long way to ensure that they will pay.
5. Because Your World Comes With Disasters
All of us have heard of the disasters that occur from time to time around our country. Katrina is a name we will never forget - and the problem is still not fully resolved. Earthquakes are also common, and so are floods in certain parts of this country. A typical homeowner's insurance policy will not cover these events normally, but you can buy additional coverage from many insurers that will cover you in these natural disasters.
These five reasons clearly illustrate why you need to have homeowner's insurance coverage. We can sum it all up by saying that we do not know what tomorrow holds. Tomorrow all could be lost. You can, however, make a deliberate choice beforehand, to not let another day go by in which you are unprepared.
Get a number of quotes online for your possible homeowner's insurance policy, before you buy, so that you can intelligently compare and see what is available. All home insurance policies, costs, and coverage is not the same. Also, be sure to look into the insurer some, if you are not familiar with their name, or just stick with the larger insurance companies with which you are familiar. |
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