Reasons Why You Should Get Home Insurance

You may or may not already know this, but home insurance is not a legal requirement for owning a home. Still, this does not mean that homeowners' insurance is not essential. On the contrary, having one will help you avoid and hurdle troubles, come the unexpected.

Aside from being one of your biggest investments and most valuable possession, your home is your safe place – a private space where you and your loved ones can bond, relax, and make lasting memories.

Even with the best safety and security protection measures, it would still not be possible to entirely eliminate the risks and dangers that may take place on your property. Theft, accidents, and natural disasters can happen; and when they do, they can change your life overnight.

Whether you're still in the process of buying a house or have already paid off your mortgage, homeowners' insurance is something you need to protect your family from money woes.

Why Homeowners Need Home Insurance

The primary goal of purchasing insurance is to safeguard your financial interests following a loss. You pay a certain amount of monthly premium to the insurance provider in exchange for the guarantee that they will bear the bulk of the burden should a disaster or an unexpected future loss strike you or your home.

Here are some of the most compelling reasons why you need homeowners insurance:

1. It Protects Your Home.

 As mentioned, owning a house without homeowners' insurance will not get you in trouble with the law. As long as you pay your property taxes, you can freely exercise your homeownership rights.

But what if a storm comes and destroys a section of your home? Or some careless mistake in the kitchen burns your house to the ground? What would you do then? Can you afford to pay for the renovation cost out of pocket? This is the main reason why you need to carry homeowner’s insurance – so you get financial help when you need it the most.

2. It Protects More Than Your House

Home insurance police do so much more than just protect your home and the structures attached to it. It may also cover your family, your belongings, and even your house guests.

Here is an overview of what a standard homeowners insurance typically covers:

  • Other structures in the property

The other structures coverage of a home insurance policy helps pay (in part or in full) for the repair or replacement of structures in the property detached from the main house. It could be the garage, fence or tool shed -- for as long as the cause of damage is a covered peril.

  • Personal property

The personal property coverage pays for the replacement of lost, damaged, or stolen personal belongings such as furniture, home appliances, and electronic gadgets. Again, keep in mind that this only applies to covered losses.

  • Personal and medical liability

In addition to the dwelling and personal property, homeowners' policies also include personal and medical liability coverage.

If you or a member of your immediate family is found legally responsible for another person’s injury or damage to their property, the personal liability coverage of your policy may cover for the related repair costs, treatment, and legal fees resulting from the incident.

The medical liability coverage, on the other hand, takes care of the medical bills in case a guest accidentally injures himself or herself in your home.

3. It Protects You in Times of Disaster

With home insurance in place, you won't have to worry too much about living expenses if your home becomes uninhabitable because of fire or other disasters.

Homeowners' insurance policies include additional living expenses coverage, which will pay for your interim housing costs and necessary daily expenses such as food, clothing, laundry, etc. The amount of assistance differs, depending on the level of your policy.

4. It Will Gives You Peace of Mind

 Let's face it; our imaginations can often run wild when we think about the worst that could happen. While insuring your home won't necessarily stop accidents or keep a bad thing from happening, it’s a reassurance that whatever happens in the future, you’ll be able to handle it. Think of it as a safety net – a security blanket that will help put those dark and negative thoughts to rest.


Rachael Harper |  www.bennettandporter.com
Code of the West Real Estate
Code of the West Real Estate
(719) 742-3626
215 S. Main St. La Veta CO 81055
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