Home Insurance Articles
10 Reasons Every Homeowner Needs Comprehensive Home Insurance
2010-02-16
If you do not have a loan on a home, insurance is not required by law. However, even in this case, having homeowner's insurance is best, as you do not leave yourself vulnerable for a total loss of your home.
If you have a loan, the best reason to have comprehensible homeowner's insurance is because the lender will require it in order to loan you the money. Even if this were not the case, you would surely want your home covered in case of fire damage. Home insurance coverage will also include storm damage and wind damage. Water damage caused by burst pipes is included in your comprehensive homeowner's policy. Unless you have a separate flood insurance policy, be aware that flooding is not covered under most standard homeowner's insurance policies.
There are also many other incidents that are included under your homeowner's insurance coverage. You are protected against falling objects like trees that may damage your roof or your home. You will have your contents covered against theft should that happen. The contents of your car are also covered against theft, even should that happen while your car is someplace other than your home. Another thing that is included in your homeowner's insurance is vandalism. Should someone paint graffiti on your home or break windows just for the joy of doing it, all you have to do is make a home insurance claim. You are also covered for liability. This means that if someone comes on to your property and is injured in any way, your homeowners insurance will pay, relieving you of the responsibility of this.
Your insurance policy will also provide you with money for living expenses if your home becomes uninhabitable due to any covered incident such as fire loss or wind and storm damage. People probably do not take this into consideration very much, but the expense of living in a motel or rented unit could add up very quickly. This alone could be worth the price of home insurance coverage if you are not able to live in your home for an extended period of time.
When you consider all the incidents covered by homeowner's insurance, it may be one of the best values around. The total premium you pay is miniscule when you compare it to the benefits you may possibly gain in case of disaster. Even a comparably small home insurance claim such as property theft can make the total amount spent for the coverage seem small in comparison to the comfort of being covered. When you consider all the benefits of having home insurance coverage, even if you do not have a loan on the property, it is worth it.