What is the importance of home insurance?
Is it necessary? Does it really pay off? These are among the many questions that might go through your mind as a homeowner or renter. In addition to property taxes, mortgage and other monthly bills, buying home insurance, which is not even a requirement of law, might seem to an overwhelming majority as a waste of money. This however could not be further from the truth.
Home insurance is vital. It covers your home in case of accidents, fires, floods, theft and any form of structural damage. Without a home insurance cover, you could easily lose everything in your home that you care about from your furniture to your antiques. Here are some reasons why home insurance is critically important.
Liability protection is included in home insurance. This means that if an accident happens to within your insured home, the insurance company pays for the medical bills. Damage to other people’s property is also covered for example if a tree in your home falls on other people’s property, the insurance company is the one to compensate them.
Peace of mind
The fear of the unknown in addition to the financial woes caused by the failing economy can drive you crazy. You might think that home insurance is an additional cost that is unhealthy to your already stretched out budget but considering the peace of mind it buys you, it is worth every single penny. You cannot put a price on peace …