A lot of people think purchasing home insurance is flushing money down the drain even when they can afford it. Your house together with its contents is one of your biggest investments. Because of this, the most sensible thing is to protect this investment against unforseen losses. The best way to do this is to get Home insurance. Here's why you should consider getting home insurance
1. Protection from loss
This is the obvious reason for buying any kind of insurance. With home insurance, particularly home owners insurance, you are able protect all structures on your property including the buildings, wall, gazebo, garage and any other structures on the property. These are protected from risks such as fire,explosion malicious damage also other events which a lot of people think are not insurable such as lightning, floods and tempest. It is always advisable to check if there is a clause in your home insurance policy that excludes these 'acts of God' and reevaluate if you want to take a policy or continue with a particular insurance company. Other insurance companies also protect your house from impact by motor vehicle or even falling trees. I have seen a fair share of accidents where a car slams into someone's yard!
This is the obvious reason for buying any kind of insurance. With home insurance, particularly home owners insurance, you are able protect all structures on your property including the buildings, wall, gazebo, garage and any other structures on the property. These are protected from risks such as fire,explosion malicious damage also other events which a lot of people think are not insurable such as lightning, floods and tempest. It is always advisable to check if there is a clause in your home insurance policy that excludes these 'acts of God' and reevaluate if you want to take a policy or continue with a particular insurance company. Other insurance companies also protect your house from impact by motor vehicle or even falling trees. I have seen a fair share of accidents where a car slams into someone's yard!
2. Contents and personal effects are included on the cover
My mother always tells me how it was easier owning your own house a long time ago after a few years of working. But with the way our economy is set up, it is normal to see a person in their 30s or 40s still renting. With this in mind, you should know that the home insurance covers the contents of your home even when you are renting. Contents such as furniture, electricals, antiques and artworks can be covered separately from the structures. These will also be covered from the risks I mentioned above and more such as theft. Personal effects are also covered under the home insurance. Things such as your cellphone, camera, ipad, jewellery, handbags and clothing are also covered from accidental loss and theft, and the good thing is they are usually covered even when lost outside of the home! Insurers usually require you to specify some of these items and it is important to check the risks they are covered against. I also know insurance companies that cover contents in your fridge maybe from unforseen events such as power cuts.
My mother always tells me how it was easier owning your own house a long time ago after a few years of working. But with the way our economy is set up, it is normal to see a person in their 30s or 40s still renting. With this in mind, you should know that the home insurance covers the contents of your home even when you are renting. Contents such as furniture, electricals, antiques and artworks can be covered separately from the structures. These will also be covered from the risks I mentioned above and more such as theft. Personal effects are also covered under the home insurance. Things such as your cellphone, camera, ipad, jewellery, handbags and clothing are also covered from accidental loss and theft, and the good thing is they are usually covered even when lost outside of the home! Insurers usually require you to specify some of these items and it is important to check the risks they are covered against. I also know insurance companies that cover contents in your fridge maybe from unforseen events such as power cuts.
3. Liability cover
As a owner or occupant of a property you might find yourself in a situation where you have to pay someone following an accident related to your property. This section of the home insurance helps you to meet any cost associated with such accidents. Common examples are trees falling from your yard onto a neighbours property or even your dog biting a neighbour.
As a owner or occupant of a property you might find yourself in a situation where you have to pay someone following an accident related to your property. This section of the home insurance helps you to meet any cost associated with such accidents. Common examples are trees falling from your yard onto a neighbours property or even your dog biting a neighbour.
4. Personal Accident
There are a lot of risks and potential accidents in your everyday life. Insuring against the consequences of these risks is good for your financial wellbeing. One of my neighbours was injured in a tragic accident after a gas canister exploded inside his house. He was the bread winner. He was (or would have been) protected from all risks associated with this accident if he had home insurance. This section can be included in your home insurance and will cover you from death or total temporary or permanent disability. This means if you are injured due to an accident you will get a payout equivalent to the money you lose as a result of this injury. Your family will also get a payout in the event of your accidental death. There's no better way to have control over your finances than taking this cover.
There are a lot of risks and potential accidents in your everyday life. Insuring against the consequences of these risks is good for your financial wellbeing. One of my neighbours was injured in a tragic accident after a gas canister exploded inside his house. He was the bread winner. He was (or would have been) protected from all risks associated with this accident if he had home insurance. This section can be included in your home insurance and will cover you from death or total temporary or permanent disability. This means if you are injured due to an accident you will get a payout equivalent to the money you lose as a result of this injury. Your family will also get a payout in the event of your accidental death. There's no better way to have control over your finances than taking this cover.
5. Requirement of lending institutions
If you've tried getting a mortgage you'll know it's compulsory to get Home insurance to cover the property once it is approved. Also if you use your house as collateral for a loan, you'll be required to take home insurance. This is done to make sure the investment is protected. You should make sure you are always up to date with your premium payments during the duration of the loan.
If you've tried getting a mortgage you'll know it's compulsory to get Home insurance to cover the property once it is approved. Also if you use your house as collateral for a loan, you'll be required to take home insurance. This is done to make sure the investment is protected. You should make sure you are always up to date with your premium payments during the duration of the loan.
6. Peace of mind
I have already stressed that your property is your biggest investment. It is good to know that if any unforseen events occur, your biggest investment is protected. However, it is best to investigate and know more about the financial strength of your insurance company before you take a home policy. You will not have peace of mind if you insure your property with an insurer who is not financially strong. You wouldn't want to wait two months for a bank transfer to come through after filing a claim.
I have already stressed that your property is your biggest investment. It is good to know that if any unforseen events occur, your biggest investment is protected. However, it is best to investigate and know more about the financial strength of your insurance company before you take a home policy. You will not have peace of mind if you insure your property with an insurer who is not financially strong. You wouldn't want to wait two months for a bank transfer to come through after filing a claim.
So how about you go to the nearest insurance company and get a quote for your house? You'll be surprised by how cheap home insurance is.