Insurance is one of the many expenses that new homeowners have to take on, and many don't realize how important it is. Although you may think it's no different from car insurance, home insurance can protect you from losing hundreds of thousands of dollars from your home being lost to a storm or fire.
If you're still not sold, this is everything that makes insurance so important.
Helps In Case of Flooding
Over 14% of homes in America are at risk of flooding within the next ten years. Even if you think your property is safe, there's a high chance that something could go wrong. To protect yourself, seeking out a homeowners' insurance plan with flood protection will give you the chance to rest assured that if anything happens and you had to leave your home due to a flood: you can rebuild when you return.
Safety Net if Broken Into
Getting your home broken into is one of the most terrifying things a homeowner can go through. You lose that sense of safety your home once had, and you have to rethink going inside every time you pull up to your property after that. You shouldn't have to deal with the loss of your possessions as well while you're dealing with this. Although insurance can't physically bring back your belongings, it will do everything it can to make sure you recover from the financial loss.
Helps You Recover From Vandalism
Vandalism has become worryingly common in cities since 2020, and many homeowners have seen issues like their fence getting kicked in, their landscaping pavers spray painted, or their property generally getting messed with. If you don't want to deal with this when you could be thinking about far more important matters: insurance has your back. Protecting you in case anything happens and someone decides to destroy parts of your home, insurance will make sure you don't have to pay for these repairs.
Protects From Total Loss By Fire
If a fire breaks out, there's little you can do to protect your home. Although you may try everything to make your home safe and to protect it from this, a fire is just a poorly put-out candle or faulty stove away from happening. Instead of watching your investment go up in smoke, your insurance can help you recover from this. This means that instead of having to pour your own money into repairs, you can focus on something more interesting, like a radiant heating system.
Your Lender Will Require It
If you purchased your home with the help of a lender: all of them require you to have homeowners' insurance. This is to ensure their investment isn't wasted, and you can continue to pay for the property and use it regardless of what the house goes through. If you don't go through a lender, it's technically legal not to have homeowners insurance: but it's still a good idea to have it regardless. The last thing you want is to be found without the finances you need.
If A Tree Falls, You’re Protected
That old adage asking if a tree makes a noise if it falls and nobody's there to hear it isn't as interesting if you get home from a trip and see a tree crash through your home's front windows. Instead of panicking and trying to look up what type of house siding could have protected you from this, your homeowner's insurance will be able to help you financially recover from this. Although you'll still have to deal with the cleaning and wait for it to be repaired: it's better than having to foot the bill!
If Someone Gets Injured
If someone slips and falls on your property, even if you had a wood deck railing to protect against that: they're going to need help paying for their medical bills. To help, homeowner's policies usually provide coverage for accidents that happen on your property. Slip and fall claims ensure that if the injured party sues, they won't have to take the money from you, and instead, your insurance will cover it for you. This saves you from a lot of struggle and financial pain while also helping the injured person recover.
Your Property Needs A Safety Net
You shouldn't risk your property and finances because you assume it'll be fine. Home insurance will help you stay a homeowner despite what disaster might strike.
Article contributed by our community partner, Roger Marx!
Roger Marx is a contributor to the Innovative Building Materials blog. He is a content writer for the construction and home improvement industries with an interest in landscaping, outdoor remodeling, and home renovation. Roger is focused on educating homeowners, contractors, and architects on innovative materials and methods of construction that increase property value and improve sustainability.