Whether you rent or own a flat, house, or mansion, you have a lot of valuable possessions inside of it. Much like your car or your life, everything you own should be insured against loss or damage, and that includes the place you call home.
In general, home insurance is usually a minimum monthly cost compared to car insurance. And it covers significantly more items from significantly more disasters. If you don’t think it’s worthwhile, here are a few reasons why you should insure your home.
Mother Nature is an unpredictable and merciless beast – one year there are adequate rains, while the next is enveloped by a seemingly endless drought. This includes a range of natural disasters, such as heavy rains, hail, tornadoes, and gale force winds. If your house is insured, then you won’t have to worry too much about these monstrosities.
Even though there are a few insurance companies in select countries, states, and provinces that don’t protect against natural disasters, or “Acts of God”, many do and they’re worth looking at. If there’s an earthquake and you lose all of your possessions, the insurance will not only pay out for those precious items, but the house as well. When it comes to natural disasters, those who live near or on the beach should at least have this protection in place. After all, do you know how much it costs to just replace the roof of a house?
Regardless of where you live, theft is almost inevitable. Just the mere thought of someone breaking into your house, touching your things, and stealing all of your valuables while you’re out or asleep is enough to send shivers down anyone’s spine. Having to replace your items, which includes finding the money to re-purchase everything, is more than a nightmare. You may just end up buying them back from a second-hand store.
Depending on what kind of home insurance policy you take out, theft should be covered in it. And even though you may live in the safest part of the world, having redundant protection is something everyone should invest in. Do you really want to have to look at asset finance solutions in order to replace that priceless collection of imported Betamax tapes?
A necessity for mortgages
Some banks will not give you a mortgage unless your house is insured. Unlike all of the other points on this list, the majority of people will have to pay for insurance in order to acquire this financial asset. It may seem like a pain, but the bank has to protect itself from financial disaster as well.
All-risk cover for taking away items
You may own an iPod, expensive smartphone, or a laptop that you just cannot live without. These items are generally considered household and can, therefore, be claimed from your insurance company. But what happens when you take them out of your home, say to an important meeting or with you on holiday? Well, they can fall under the same insurance plan.
Select insurance companies will count these items under general household insurance, while others may charge a premium for them. This means you won’t have to take out an additional insurance policy for your prized MacBook or the camera you use for ornithology.
Data recovery for computer
Surprisingly enough, there are insurance companies that will protect the data on your PC or laptop if they live at home. Say your PC contains extremely important documents and is struck by lightning or caught in a flash flood, the insurance company will actually pay for the data to be recovered under household insurance.
This is especially useful for those who are writers or work with photographs and artistry. Your data is your life, it’s what generates an income for you. And while you should already have an offsite backup solution, you can never be too careful.
These are just a few reasons why you should have household insurance for your home. It’s an almost necessity in life, and may you may turn up your nose at having to pay for it, how much will replacing your data, home, and items cost without it?