It cannot be said enough. If you are like most people, your home is going to be the largest financial investment you make in your life. It makes sense to protect that investment.
You already protect it by securing it from burglary, setting up alarms to warn you of fire, and you’ve got a personal emergency response system to look after yourself, but a homeowner’s insurance policy may cast the widest net of protection over you and your home.
Having home insurance isn’t mandatory in several jurisdictions, although some mortgage financiers may require it as part of their loan conditions. Because the law doesn’t deem it necessary doesn’t mean you should neglect to get it
Reasons To Get Homeowners Insurance
Helps You To Rebuild
Many people think they are invincible. They often extend this invincibility to their personal possessions and are often caught off guard when nature or unexpected events show them differently.
If a fire reduces your home to rubble, you want to be able to start the rebuilding process as quickly and smoothly as possible. If you have no home insurance, you will be dependent on whatever you have saved and the generosity of friends and relatives to get you back on your feet. That leaves a lot to chance.
Make your recovery after an event like this a certainty with homeowner’s insurance. Have questions about this type of insurance? The team at MyChoice.ca suggests consulting an insurance firm and find out if you qualify and the rates you are likely to pay. Considering everything, don’t you think the peace of mind gained is better than the uncertainty of wondering what will become of your family if something happened to your home?
Homeowner’s policies typically do not cover flood damage to homes. You may have to get a company that specializes in that kind of insurance if you live in a flood-prone area.
Provides Coverage For Other Items Too
A homeowner’s insurance policy will help you repair structures contained within or attached to your home, as well as others on your property.
Therefore, if there is damage to your garage, such as a tree falling against it, it’s covered by a homeowner’s policy. If a neighborhood child hits a baseball through the glass of your sunroom, its repair is likely to be covered by your homeowner’s policy.
That’s not all. A certain level of coverage extends to the valuable items in your home. If your home is burglarized, you may be able to recoup some of your losses as most homeowner policies cover theft of furniture, appliances, and jewelry up to a certain dollar amount.
Pays For You If You Need To Live Somewhere Temporarily
Stuff happens. A pipe breaks suddenly and floods your lower floor, you can’t live in your home as the repairs are being done. If there’s a small or large fire, your home is off-limits as well until the repairs are complete. Same thing with having your home fumigated.
Depending on how long any of those repairs take, you could be out of your home for weeks. That can become very expensive if you have to pay for it on your own.
This is an expense your home insurance will cover for you until things go back to normal, and you can resume living in your home.
You’re Protected In The Event There’s An Accident In Your Home
Imagine you have a birthday party in your home. You’ve brought all of your favorite people together. Your patio is paved with beautiful tile work, but it rained earlier, and the remaining water has made some of the tiles slick.
You figure it will be okay despite the hazard and allow guests to go out onto the patio. Not surprisingly, someone slips and falls during the night. They put their hand out to brace their fall and sprain their wrist.
This is surprisingly common. It’s unlikely a friend or family member would sue you for the accident, but this could have easily happened with a stranger like a repairman, who might have held you responsible for their accident.
Your home insurance will cover medical costs for people who have accidents on your property. It’s an effective measure against being sued for damages when you can present the injured party with a check. Even friends and relatives will see it as an act of good faith if you present them with a check to help cover medical costs related to their fall.
Taking all this into consideration, even if homeowners insurance isn’t mandatory in many situations, it’s still a good idea to get it. Your home is a large investment, protect it.