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Top 10 Reasons To Buy Homeowners Insurance

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A home is a large and expensive purchase that you want to protect. The best way to protect your house is to buy homeowners insurance so that, in the event that the worst happens, you can recover and rebuild without facing financial disaster. Read on to find out the top 10 reasons to buy homeowners insurance.

  1. Your bank or lending institution requires it. Most banks will not give you a mortgage without homeowners insurance and will not allow you to refinance or take a second mortgage. The house acts as collateral on the loan and the bank wants to ensure it is protected.
  2. Insurance will help you to rebuild if your home is destroyed. Few people could afford to simply pay off their mortgage and build a new house if their existing home burned down. Homeowners insurance will pay the cost of rebuilding so that you don’t end up homeless if something does happen.
  3. Homeowners insurance helps you replace your things. Just as few people could afford to re-buy their house, most also cannot afford to replace every single item within the home. If your property is destroyed or your house is robbed and everything is stolen, your homeowners insurance policy will pay for you to replace all of the things- from your bed to your TV to your clothes to your toaster- that you keep inside the house.
  4. Homeowners insurance protects the equity in your home. If you own the house and have paid off the majority of it, you have made quite a large investment. If something happens to that home, the insurance company makes sure you don’t lose all of the value you have painstakingly earned by making mortgage payments over the years.
  5. Homeowners insurance protects you if you are robbed. One in four households in America are burglarized. If something is stolen from your house, homeowners insurance can pay to replace it so that you don’t have to shoulder that burden out of your own pocket.
  6. Homeowners insurance helps you make sure you have a place to live. Many policies will provide benefits or payments for interim housing while your home is being rebuilt in the event that it was destroyed completely and is unlivable.
  7. Homeowners insurance can protect you if a natural disaster occurs, or if something goes wrong in the house that causes damage. While you may need a separate policy for earthquakes and certain types of natural disasters, most are covered and your policy will kick in and pay the bill if your house is destroyed or damaged. Furthermore, if something goes wrong in your home- such as a leaky appliance causing water damage throughout- your policy may cover that too.
  8. Homeowners insurance protects you away from home too. Under the terms of most policies, if your items or possessions are lost or stolen when you are away from home, homeowners insurance will still pay for the repair or replacement.
  9. Homeowners insurance protects you from lawsuits. If someone comes to your house and is injured on your property, you can be sued. Homeowners insurance will pay your legal bills and any damages awarded to the injured party, up to the limits of your policy.
  10. Homeowners insurance gives you peace of mind. You can rest easy knowing that if something does happen to your house, you will be able to buy a new one and not suffer financial devastation.
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