Why should I buy homeowners insurance?


"My home is my castle": we have no doubt that everyone has heard this famous proverb. Having a home provides convenience, coziness and above all, security.

Still, every homeowner is exposed to the risk of their home being damaged or robbed. Homeowners insurance is the only way you can protect yourself and your family from the risk of loss related to owning a home.

Reasons for Buying Homeowners Insurance

A potential damage to your home can disturb your financial plans, leaving your family budget depleted. Imagine your house suffers severe damage due to a natural disaster, that it collapses, or that it gets vandalized or broken into. There are so many - quite tangible risks that your "castle" is exposed to. Homeowners hazards include damage caused by wind, storm, hail or fire, smoke, water, aircraft, explosions, civil unrest, vandalism, break-ins, etc.

The first step to preventing such situations from happening is being aware of all the existing hazards, the second - taking all steps to make your home as safe as possible, and the third - buying homeowners insurance.

Homeowners insurance provides the financial resources to repair, or even replace, your personal possessions or your residence, if they have been damaged, stolen or destroyed. Not only does homeowners insurance indemnify you for a financial loss to your home and belongings, it also provides liability protection. Thus, if a guest of yours sustains a bodily injury or death on your premises, your homeowners insurance will cover the defense costs and pay the injured party compensation.

However, you should be aware that, being a homeowner, you have the responsibility of keeping the premises safe, not only for guests you invite, but also for anyone who happens to be there. Even trespassers can sue you for negligence if you have not taken any measures to warn them of the dangers present in your home.

A very significant advantage of homeowners insurance its affordability. For an inexpensive annual premium - an average of $700 a year - you can get peace of mind by buying the protection that you need for your home. However, beware of the many gaps which homeowners policies are notorious for. Make sure that the risks your home is exposed to, is covered by your policy. If it isn't, consider purchasing additional coverage in the form of an umbrella policy.

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