What Is Home Insurance and Why You Should Have One
Do you need to have home insurance? While most homeowners don’t consider insurance a necessity, in reality, it’s an immense help.
Home insurance helps homeowners protect their investment in the property. Moreover, it can save them a lot of money in emergencies, such as catastrophic damage to the house or property. Home insurance is also a must-have if you plan to sell your house.
Hence, it would be helpful to learn precisely how home insurance works and why you should have one.
What Is Home Insurance?
Home insurance protects you against financial losses resulting from a covered peril. A peril can be an event such as a fire, a storm, or a flood. If you filed a claim, you would be required to pay a deductible first. However, some home insurance providers will allow you to waive the deductible if you are willing to pay a higher premium.
There are two popular types of home insurance, which are:
- Property Insurance – This covers losses due to fire, theft, vandalism, and other situations.
- Liability Insurance – This covers you if someone gets injured on your property or if someone sues you.
Reasons You Should Apply for a Home Insurance
1 – Coverage for All Damages
Accidents can happen sometimes, and things can get damaged in the process. The same applies to your house damage due to natural calamities, such as a fire or a flood. Because of this, it’s crucial to have home insurance in the event that massive damage happens to your property. The best home insurance can help you to pay for repairs, replacements, or reconstruction of your home.
2 – Protection from Liability
A large house is prone to burglary and robbery. While you may have boarded up the doors and windows, such additional security may not be enough.
Home insurance can protect you if a burglar enters your home and gets injured while stealing something. In such an event, a home insurance policy would cover you against the costs of medical treatment, rehabilitation, and lost wages.
3 – Peace of Mind
Homes are a sizable investment. Most people will still have difficulty getting a home loan approval unless they have home insurance. To maintain a good credit history, you must protect your investment. Because of this, you will need to have home insurance. In fact, it is also a good idea to have home insurance in place to protect your family and your property.
Also, if you want to sell your house soon, home insurance can help you sell your house fast. You see, potential buyers will have peace of mind knowing that you have home insurance protecting your property.
Protecting your home is not only about setting up security but also about physical security. A home insurance policy can save you thousands of dollars in repairs and provide for your family during an emergency.
Kirkham Insurance is one of the leading insurance companies that provide high-quality home insurance in Lethbridge. Get in touch with us today for more information.