9 Most Common Reasons Why You May Need Home Insurance

Home insurance is one of those things that you may not think you need until you actually need it. And by then, it’s too late. Home insurance protects your home and possessions in the event of a covered loss, such as a fire or burglary. It also protects you from liability if someone is injured on your property. 

There are a lot of reasons you may need home insurance, but here are the nine most common:

1. To Protect Your Home’s Structure 

Your home’s structure includes the walls, roof, foundation, and any other permanent fixtures. Home insurance can help you repair or rebuild your home if it’s damaged by fire, wind, hail, or other covered events.

2. To Protect Your Personal Property

Home insurance can also help you replace your personal belongings if they’re damaged, destroyed, or stolen. This includes things like furniture, clothing, electronics, and more.

3. To Help Cover the Cost of Living Elsewhere

If your home is uninhabitable due to a covered event, your home insurance policy can help cover the cost of living elsewhere, like a hotel or rental home.

4. To Cover the Cost of Medical Expenses

If someone is injured on your property, your home insurance can help cover their medical expenses. This includes things like ambulance rides, hospital stays, and more.

5. To Protect Against Lawsuits

If someone sues you for damages they incurred on your property, your home insurance can help cover the cost of your legal defense. This protection is typically included in your policy’s liability coverage.

6. To Save Money on Your Mortgage

If you have a mortgage on your home, you may be required to have home insurance. But even if you don’t have a mortgage, home insurance can help you get a lower interest rate on your loan. That’s because lenders see homeowners insurance as a sign that you’re less of a risk.

7. To Get Discounts on Your Homeowner’s Association Dues

If you live in a community with a homeowner’s association (HOA), you may be eligible for a discount on your HOA dues if you have home insurance. That’s because having insurance shows that you’re financially responsible and less likely to default on your dues.

8. To Make Your Home More Energy Efficient

Making your home more energy efficient could help you save money on your home insurance premiums. Some home insurance policies offer discounts for homes that are energy efficient. So, if you’re looking to save money on your premiums, making your home more energy efficient could be a good option. 

9. To Give You Peace of Mind

Knowing that you and your family are protected financially in the event of damage to your home or the loss of personal belongings can give you peace of mind. This can be especially important if you live in an area prone to natural disasters or other events that could damage your home

Speak to Your Mortgage Lender

If you’re not sure whether you need home insurance, it’s a good idea to speak to your mortgage lender. They will usually require you to have some level of home insurance if you have a mortgage on your home.

Conclusion

Home insurance is a type of insurance that provides protection for your home and belongings in the event of damage or theft. There are many reasons you may need home insurance, such as to protect your investment, to get help with repairs, or to replace your belongings.  

Home insurance can be a great way to protect your home and your family, so be sure to consider it when making your decision about insurance coverage.

If you are looking for home insurance brokers in Lethbridge, look no further than Kirkham Insurance. Our experienced brokers can help you find the right home insurance for your needs, whether for car, home, auto, commercial, and life insurance. We’ll work with you to understand your coverage needs and find the best policy for your budget. Contact us today to get started!