We all live in some kind of home, it’s where we come back to after work, the place we relax and unwind, it contains all out possessions and valuables, it’s a roof over our heads protecting us from the weather outside.
The home is just about the most important material possession in people’s lives, whether you’re a single, couple, or a family. If anything happens to you home, most likely you don’t have the money to cover what has been lost, whether it is through an accident, natural disaster or theft. Let’s say go away on holidays, and leave your television on.
During your time away, the T.V. heats up, and a fire starts. Your home burns down, and all your possessions gone up in smoke. All of a sudden, you go from being safe and secure, to having nothing, just about everything you worked for, gone.
If that’s not bad enough, you still owe hundreds of thousands of dollars on your mortgage, and technically you don’t own your home, but the bank does. All of a sudden, your life is in ruins.
This is why home insurance is incredible important for all homeowners, as well as tenets rents from a landlord. Many people can end up out of pocket from this, and due to you living in the structure, they all will look to you for answers.
When considering home owners insurance, consider these factors:
Injuries and damages caused by you or your family that result in your being personally liable: Sometimes, a person within your home may cause damage to someone else, or their property, without meaning to.
Let’s say an electrician is working on your house, attempting to repair something. While carrying his equipment, he trips over a hose, breaking his leg. You are liable for the damages done to him, as it happened on your property.
Accidents like this, you feel, aren’t your fault. However, someone has to pay for the hospital bills and loss of income due to the accident, and in the eyes of the law, that is you. This not only covers you, but also your family and your pets, should your dog decide that the postman’s leg looks tasty.
Your home should it incur damage to the internal or external of the structure: Natural disasters happen, and there’s nothing you can do about them.
If you live in an area that’s prone to cyclones, hurricanes, earthquakes, flooding, etc, then having adequate protection is much advised. Some insurance companies may not have some of these disasters covered by their standard policies, so be sure to know the area you live in and the likelihood of anything happening to you home.
Ask and speak to your insurance company before signing up to any policy, to make sure you are actually covered, and don’t have to pay for an optional extra.
Hopefully this advice and information can help you with your homeowner’s insurance. Remember to research, know and understand the policy before you signing anything.
By Bruce Fong