The estimated cost of disaster damages in the US is around 91 billion per year; roughly half of this amount is due to storm-related flooding and hurricanes. It has also been estimated that around $10.7 billion are lost due to house fires. Regardless of the state where you are residing, your property is not immune to damages. In all likelihood, your house is your biggest asset. If you lose it or if it gets damaged, it will send you to a significant financial setback.
Hence, having homeowners insurance is a necessity for every family. If you are still gripping about the additional cost you have to pay for your protection, here are some reasons why getting one is worth it:
It adds value to your home
Citizens of the United States are very mobile. It is effortless to relocate from one state to another. A lot of people do not live in one place in the duration of their lifetime. Whether it is the nature of their job or the desire to make a significant life change, moving out happens at one point in their life. When liquidating homes, one of the ways to make it sellable is to provide insurance coverage for it. Having one will give your broker and potential buyer some peace of mind that the house is looked after by the previous owner.
Additionally, all insurance policies state the worth of your property. If the amount indicated in your insurance is pretty high, it can give you a reason to increase the price of your house. Thus, you can make your coverage a small price to pay for the high return you can have once you sell your property.
It offers more than property protection
Almost all states require basic insurance coverage. The laws they set are for the protection and benefit of their constituents, and not merely for added burden. Standard insurance often covers protection against natural disasters such as hail, hurricane, and tornado. It can also include protection against fire and flood.
Furthermore, homeowners insurance can cover other unfortunate events such as theft. Some company providers can provide money in place of material possessions that would be stolen or damaged due to breaking in. These possessions may include electronic gadgets and precious heirlooms.
Clients can also opt to get guest medical protection. This kind of coverage can compel companies to cover the hospital bills of someone who has been injured inside the property. For instance, there is a construction going on, and someone got hurt, you can reimburse the amount that you paid for the medical consultation and hospitalization from the insurance company.
Having insurance will also offer protection to you as much as it will protect your property. For instance, if you accidentally set your neighbor’s property on fire, you are required to be liable for it. However, if you have insurance coverage, your company can cover the damages for you.
Moreover, some policies can cover some of the costs that you will incur by temporarily staying at a different place if your house becomes damaged to the point that it makes it unlivable. This includes hotel bills or rental costs. With these perks, you will be saving a lot of money despite being in a challenging position.
It saves you money over time
Having insurance is considered as an investment because it will save you money in the future. An average cost of insurance is around a hundred dollars or so in a month. However, this amount is nothing compared to the money that you will be paying for damages in the household. Some insurance coverage can pay for the expenses that you will incur for problems in your electrical wiring or plumbing. They can also provide financial assistance in case of mold build up in the house. These problems can easily cost thousands of dollars to be fixed. Having house insurance for these things will save you from unexpected expenses on labor and material costs.
Evidently, paying a hundred dollars a month for your insurance has a lot of perks. It does not just offer peace of mind; it is a practical move to guarantee financial security. Most importantly, it is not a waste of money but a worthy investment. One cannot go wrong with the services of trusted providers on your side when unfortunate events strike. Turn your gripping into gratitude because you do not have to carry the financial burden alone when something terrible happens in your life.