The Importance of Property Insurance
Home or Property Insurance general covers or protects a owner of a residential property from unforeseen out of pocket expenses in case of fire, floods, theft or any cost that may need repair or replacement. Depending on where you live, unexpected events, accidents, natural disasters and weather conditions can reap havoc on your personal property and sometimes there is little preventative measures other than having insurance to recover costs for damage and destruction. Most coverage comes in the form of insurance policies, which just like any other insurance may require premiums and deductible payments before coverage kicks in for large claims. In any event insurance is a great back up measure for protection of one of your most valuable possessions your family and your home.
Here are a few reasons why property insurance is a necessary requirement if you own a home.
Your home is the most valuable asset you have. It houses your family and other valuable belongings, so a safety net should always be in place for emergencies.
Insurance protects you from possible homelessness or financial loss/bankruptcy should you experience a natural disaster or any other unforeseen and irreparable property or personal damage.
Funds from property insurance will help you to rebuild your lives and your home through a full refund/reimbursments. A lump sum can help to offset the cost of moving or paying for repairs or replacement of damaged items.
According a summary by a reputable Insurance provider: a homeowners insurance policy may include coverage for the following which will protect you and your family:
Your Residence. If your home and attached structures, like a deck or garage, are damaged by a covered peril, this coverage may help pay for repairs.
Other structures. Your policy may help pay for repairs or replacement for detached structures on your property, like a fence or shed, if they are damaged or destroyed by a covered peril.
Personal property. This coverage may help pay to replace certain belongings, including furniture and electronics that are stolen or damaged by a covered loss.
You and your family. If you or a family member are found legally responsible for accidentally damaging someone else's property or injuring someone, liability coverage may help pay for related repair costs, legal fees and medical bills.
Guests. If a visitor is accidentally injured at your home, your policy's guest medical protection may help pay for their resulting medical bills.
Additional living expenses. If you cannot stay in your home after a fire or other covered risk, your homeowners insurance coverage may help pay for temporary increased living costs, such as hotel bills.