Home Insurance

Investing 101: Benefits Of Getting Home Insurance

As a new homeowner, there are tons of things you can do to protect your home. And one of the most responsible and effective ways to do so is by getting your home insured. Your home is an asset, in fact, a pretty big one, making it a vital thing to protect.

Some new homeowners brush off the idea of ‘insurance’ since it’s overshadowed by the excitement of actually owning a home. And even think of insurance as an extra expense. But the truth is that this is something you really need to think about.

As stated, a property is a significant asset, and leaving it exposed to threats puts you at risk of incurring debt. So getting insurance isn’t as wasteful as you think since this can cover any damages or losses caused by fires, floods, theft and natural calamities.

But if you’re still not convinced about getting your home insured, here are some great benefits you can get from it! Check it all out down below:

What Is Home Insurance?

Before knowing the benefits that come with it, you first have to fully grasp the idea of what home insurance actually is. So basically, it’s a type of property insurance that covers your home from damages or loss caused by natural calamities, accidents, theft and so on.

This doesn’t just cover your home’s structure such as your walls, roof, plumbing, electrical and so on but also things inside your home. The policyholder, who is you, must pay a monthly or yearly premium to your preferred insurance provider in return for the coverage.

What Are The Benefits Of Home Insurance?

There are various benefits of getting your home insured but these are deemed to be the most common ones insurance holders rave about the most. Here’s a list:

Protection From Natural Disasters

Damages from natural calamities are surely a homeowner’s worst nightmare since it doesn’t only affect your home’s structure but also your home’s content. Plus these disasters are unpredictable and can happen anytime.

Natural disasters pertain to incidents like earthquakes, typhoons, hurricanes and so on. These calamities cause severe damage that can be very pricey and even put you in debt. So if you get your home insured, damages from unforeseen calamities can be the least of your worries.

Thorough Protection

Another great advantage when availing of home insurance is getting thorough protection. This means your coverage goes beyond the structure and content of your home, but also its extensions like garages, compounds, sheds, gazebos and so on.

But if your coverage doesn’t cover extensions, you can always choose to apply ‘add-ons.’ You can also choose to either get your damaged goods replaced or reimbursed.

Liability Coverage

This policy is usually used by businesses that cater to customers and clients. This coverage is there to protect you when lawsuits are filed against you in situations where death, damage or injury takes place within your property. This is usually filed by a third party.

An example of this coverage is: Hosting a party then a guest slips on your slippery poolside and gets injured. The guest then decided to file a claim against you. Costs are paid by the insurance.

Protection From Theft

This policy covers all lost items caused by burglary or theft. So if you happen to lose your television set to either one, this is covered by your insurance. You can then choose to either get it replaced or reimbursed.

Having ‘Loss Of Use’ Insurance

If there are instances where your home is under repair or is being rebuilt and is unsuitable to live in at the moment, the loss of use insurance can come in handy. This will shoulder all the costs of accommodation, food and travel expenses to a certain degree.

Are There Hidden Benefits Of Home Insurance?

Yes, there are a good handful of hidden benefits most homeowners aren’t aware of. This goes beyond covering the house’s structure and contents, for property theft and loss, and so on. It includes stuff you didn’t even know was covered! So without further ado, here they are:

  • Mould Damage Coverage – Covers the cost of getting mould cleaned. (Depending on what started it)
  • Dog Bite Coverage – This is usually included in liability insurance. This covers the hospital or medical bills of the person bitten.
  • Spoiled Food Coverage – This is applicable when goods in your refrigerator get spoiled due to a power outage. This covers the cost of getting new goods.
  • Grave Markets Coverage – This covers the cost of damaged and vandalized urns, tombstones, grave markers and so on.
  • Camping Coverage – This covers any personal possessions you may have lost during a camping trip.

To know more hidden benefits that come with your home insurance, make sure to consult with an insurance advisor. They are professionals that specialize in insurance and risk. An insurance advisor will be able to help you in various ways such as:

  • Help you fully understand the insurance policies you’re getting.
  • Help you file claims in the future.
  • Help you look for a great insurance fit for you and your home’s needs.
  • Help you discover EVERY fine detail in your policy.
  • Can offer you quality advice concerning your coverage.

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