Top Reasons Why You Need To Insure Your New House

April 7, 2021

A lot of people fear the term ‘insurance plan’ which isn’t surprising because for many, it’s an extra expense off of their salary again. What many people don’t see is that insurance plans aren’t just some bills you have to pay monthly. It’s also an investment for your future and your goals as well.

insure new house

Insurance comes in many forms and one of the most important ones you need to get is home insurance. Also called homeowner’s insurance, this is an insurance plan that covers your home and belongings. As you may have guests, you can get compensated in the case that something goes wrong with your house and your properties.

Nearly 95% or about 70 million homeowners have insurance for their homes. That’s a lot of people who understand the importance of this coverage. If you still aren’t bought, then here are more reasons why you need to have your property insured soon.

 

It Offers The House And Its Contents The Protection It Needs

This is the baseline benefit of home insurance that is just as important as car insurance. According to LoPriore Insurance Agency, the best way to think of home insurance is that it’s like health insurance but instead of your body, it protects your house and its contents. Just like health insurance, home insurance can help you out financially in worse-case scenarios.

One of the most common uses of home insurance is when a fire ravages your home. If your home is insured, you can get some of your damaged goods’ cash value in return. Even better, some home insurance packages cover your daily living expenses as well.

A lot of people suffer financially after their house is destroyed in a fire. Mostly, those are the people that don’t have their houses insured. While home insurance cannot and will not cover the entire amount of assets you lost, it can at least give you a headstart as you pull your life back together.

 

It Can Give You A Temporary Shelter

In case of a house fire or if some natural calamity destroys your home, you’ll be left temporarily homeless until the house is fixed entirely. What’s great is that some insurance plans will offer you a temporary home to stay at just in case dire situations like these happen.

insure new house

Having a place to stay is one of the biggest concerns that most homeowners have after having their house destroyed is not the lost possessions or incurred damage. It’s mostly about the place they have to move to while their house is being repaired.

Families feel very vulnerable if their house becomes uninhabitable temporarily. This is why many insurance companies encourage homeowners to cover their home as soon as they can so that they have someone to rely on in worst-case scenarios.

 

Help Your Bid For A Loan

In most states, getting home insurance is in no way required by the law. However, some mortgage lenders will require you to get an insurance plan for your home before they approve of your loan. Even if they don’t require an insurance plan, you can still increase your chances of getting a loan by getting the property covered.

Mortgage lenders are very discerning people. They’ll only agree to a loan if you can show that you’re going to be a responsible owner. What better way to show your responsibility than to insure your home with a good plan.

At this day and age, mortgage lenders have become more strict with regard to their requirements for their future clients. Aside from checking your credit history, they’ll also look for many other things and even check into your background.  By getting an insurance plan, you can at least assure them that you have a contingency plan for the worst scenarios.

 

Protect Your Home’s Equity

Getting a home is one of the biggest and most important investments you can make in your lifetime. What’s great about it is that you can eventually turn a profit from it through equity. Simply put, your home’s equity is the value that your house has above any mortgages or related liabilities.

Your home’s equity becomes bigger over time. Moreover, as time goes by, you are likely to invest in home renovations that turns your home into something better. This is where equity protection plays a big role.

Without equity protection, your home’s equity will start over whenever you get something done. With it, you can have as much home equity as you want without having to start from scratch.

 

It Offers A Sense Of Safety And Security

A lot of people lose hours of precious sleep because they continue to worry about the future and what it can bring. There are just so many things to worry about Accidents, break-ins, house fires – these are just some of the things that can keep people up at night.

Getting your home and properties insured is one way to get rid of these worries. As you can see above, home insurance is basically a safety net for you and your family in worst-case scenarios. If you are like many others losing sleep because of worries, then getting insured might just be the best solution available.

 

Pay For Medical Bills

This is one of the most overlooked benefits of getting home insurance. In most home insurance plans, something called guest medical coverage is often included. For instance, if someone of old age slips and breaks a hip as they’re walking up your driveway, your insurance provider can help pay for the medical bills with guest medical coverage.

This helps you stay away from those hefty medical bills which are often a major issue for most people. If they can’t cover the medical fees entirely, they can at least pay for a huge chunk of it.

Home insurance is something that more and more people are being interested in. Always see it as an investment for your future instead of another deduction on your salary monthly. These benefits are just the start of it. There’s just a lot more to be had from getting your home insured.

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