If you are a homeowner, then chances are you have considered insurance for your home. In fact, it’s a very good bet that if you have a mortgage as well, then insurance is a pre-requisite for your policy.
Many mortgage companies will not issue a mortgage to an uninsured policy.
But there are instances when insurance is nor stipulated, or when a property might not have a mortgage associated with it.
In cases like these, you really should consider the home owner’s insurance because of the myriad benefits and securities that it brings.
There are obvious advantages to having a home owner’s insurance. You have the peace of mind that should anything happen to you home, you are covered to make good any damage that may have occurred.
You are covered for the big ones, fire, theft, vandalism or the ubiquitous leaking pipes and collapsed drains. These are things that can come as a big financial blow if you are not prepared for them, and home owner’s insurance will ease the burden for you.
Other situations that you may want to insure against are specific scenarios such as flood if you live in a high-risk area. Again, this may well be mandated by a mortgage lender, but not necessarily considered if there is no loan on the property.
Not Just Your Home
Home owner’s insurance doesn’t just cover your home though. There are other advantages to having insurance that goes beyond the bricks and mortar of your home.
If you home have any other structures, such as decks, garages, sheds and such like, then these are often covered in the policy as a covered peril. It’s good to know exactly what is covered and you should carefully check your policy document to see what you are covered for. Many policies will also cover you for items that you have in your outbuildings and even property in your garden such as bicycles.
Of course, it’s not just your home, the bricks and mortar that you need to consider. There are your belongings as well. Your policy should cover you for the loss of personal belongings for a variety of reasons. Often, the total cost of belongings will be stated in the policy document, so this is something else that you should check.
Personal liability is not something that we tend to consider when we are at home, but there are occasions when you can be legally responsible for damage to others or their property whilst they are in your house or on your land. Your home owner’s insurance can also cover you in these situations.
can be significant, especially if you have to move out of your home. Your home owner’s insurance can cover you here as well.
Some, but not all policies will also cover you in some cases that you may not have thought of.
For instance, if your property is damaged, and repair work needs to be done, then there are instances when the work will need to bring your home back to a higher specification than it was before. Home owner’s insurance can mitigate the cost here and bring your home up to specification at no extra cost to you.
Have you ever had a power cut or even a broken refrigerator or freezer? Well, check your policy, as here too, many policies will cover you for food loss. A well-stocked freezer can be expensive to refill so don’t look over this remarkable benefit of insurance.
There are even policies that include cover for falling debris. Obviously, not all houses will require this one, but you should check if you feel that your home is at risk.
If you travel then there’s a good chance that you'll take valuable items with you on your journeys. God policies will also cover you for personal items that you take out of the house. It’s always worth checking your policy documents to see what you’re covered for in situations like this.
Home Owners Insurance Has All Round Benefits
So, it’s not just an extra expense that you need to pay to get a loan on your property. Home owner’s insurance can be of value to many people in a whole variety of situations.
It’s not just the bricks and mortar of your home that you are covering. You get a stack of added perks that mean you can relax just a little knowing that someone’s got your back should the worst happen.