Three reasons why home insurance is so important
Whether you are renting an apartment or purchasing that first home, insurance is necessary to protect your property for a number of reasons. What if there was a fire, or a storm and your home gets damaged? If you have home or renter’s insurance in place then you will have an outlet to help in recovering from your loss. Here are 3 reasons why you need to have a home insurance policy.
#1 Protection from loss
The main function of home insurance is to restore you to the state prior to your loss. Home/Renters insurance can protect your home and your contents from the risk of damage due to fire, natural disaster, and various other perils depending upon your policy coverage form.
Most home insurance policies cover for 100% replacement cost of your home, and can provide coverage for living expenses if your home is uninhabitable during repair and replacement of your contents.
#2 PERSONAL LIABILITY PROTECTION
Most people look at home insurance as a way to cover their belongings and property but home insurance provides a key coverage that can be easily overlooked, personal liability coverage. Personal liability provides coverage for bodily injury and property damage sustained by others where legally responsible.
Let’s assume you are sued by someone who has slipped on your deck. They sue and the judgment against you in the favor of $500,000! With your personal liability coverage your insurance policy will respond in the event this should happen and will defend and work on your behalf to resolve the matter. Personal liability helps protect your family’s money and assets.
For most policies personal liability is part of the basic coverage, you as an insured have the option to select the liability limit that you wish to carry and in most cases the amount you pay in comparison to the total policy premium is extremely low.
#3 PEACE OF MIND
If nothing else having home insurance will give you the benefit of peace of mind. It is not a matter of a loss happening it’s a matter of when and insurance companies know that fact. It could be a tree that falls on your home or a person breaking in to your home and robbing you of your personal belongings and personal security, you can rely on home insurance to restore you to your state prior to the loss. People don’t like paying for insurance but it’s when you need it that you will be glad you decided purchase home insurance to give you that peace of mind.
Contact your trusted insurance advisors at Rickard Insurance with any questions about coverage and obtaining a quote for insurance.