6 Reasons You Need Home Insurance for Your Property
Your home is one of the valuable investments in your life. Many people debate with themselves whether they need home insurance or not. They are under the impression that nothing will happen to their home, and there is no need for any protection.
As per recent data, 95% of homeowners have house insurance, and these policies cost an average of $1445 per year. Here are six reasons for having insurance for your property.
(1) Protection against Robbery and Theft
As per recent statistics, the property crimes rate is higher than violent crimes in the US. The 2019 FBI data shows around 2,109 property crimes were committed per 100,000 people. When you are away from your house, your home is an easy and attractive target for thieves.
In the absence of home insurance, there is no way to recover from losses due to robbery and theft. To ensure maximum loss recovery after robbery and theft, you must document all costly items in your house and save their receipts. If you have taken property insurance, the insurance company will reimburse for the actual cash value or replacement costs.
(2) Protects against Natural Disasters
The North American continent suffers from various natural disasters almost every year. Some natural disasters that can destroy your house and make you homeless are tornadoes, earthquakes, tsunamis, wildfires, floods, and volcanoes. These natural disasters can bring in lots of suffering due to the damage it leaves behind, and your house needs some protection against natural disasters.
(3) Protection from Loss
House insurance will pay to repair your house if damaged by fire, tornado, or earthquake. However, you need adequate coverage to replace your house and its contents. Dwelling protection will pay for your main house and other buildings like the attached garage.
(4) Protection from Lawsuits
As per US laws, the property owner must maintain his property to prevent any mishaps or accidents. If any person is injured while on your property or your dog bites an individual while on your property, the injured person can file a lawsuit.
If the person wins, you have to pay for his damages, lost wages, and even medical bills. If your house insurance has liability coverage, the insurance company will pay for the medical bills and damages of the injured person.
(5) Satisfy your Mortgage Lender
If you have taken a mortgage loan, the lender will ask you to take house insurance. It will protect the lender from losses if your house gets damaged in a natural disaster.
(6) Peace of Mind
If none of the above reasons seems right to you, the ultimate reason to buy house insurance is peace of mind. Hopefully, a tornado will never rip your house, nor will a branch fall on your house and cause significant damage. However, there is no guarantee such a mishap will not happen with your house.
If luck is against you and a mishap occurs with your house, how will you repair it or rebuild your house? The answer is that house insurance can help you do repairs and rebuild your house.
To sum up, these are six reasons to buy home insurance for your property.
(This article is contributed by Ellerhorst Russell Insurance Agency LLC, offering personal, auto, business and farm insurance)