In this installment of Everything Insurance, I will be discussing the Top 5 reasons why you should insure your home. Home insurance is not on everyone's priority list, but there are many good reasons why it should be.
1) The first reason you should consider home insurance is that a house is often the biggest investment you will make in your life. If you're like most people, the most you'll spend on a car is $40,000-$50,000. For some highrollers out there, it may be closer to $100,000, but typically you won't be spending excessive amounts of money on a car. A home, however, tends to be the kind of investment you spend a lifetime paying for. Without insurance, you will be leaving yourself vulnerable to unexpected events that could, in the blink of an eye, obliterate the investment you've made.
2) The second reason you should consider home insurance is that a house is not only the most expensive investment you will make, but it's also the foundation of a quality life. Your home is your domain, the place where you feel safe and secure. For most people, it's where they feel most comfortable. Of all the possessions to protect in your life, your house may be the most important!
3) The third reason why home insurance should be a priority for you is that your home is where you raise your most important asset: your children. The environment in which your children grow up can have a profound influence on their success. If your home were to, God forbid, burn to the ground because of a stove left on, you may have to uproot your children and move to an entirely different neighbourhood. They may have to change schools, readjust to a more modest lifestyle, and generally be denied some of the opportunities they had before.
4) Another important reason for considering home insurance is that you may be legally responsible for injuries that occur on your premises. Liability insurance, which covers you in the event that you become legally responsible for injuries or damages caused to a third party, is an important consideration when owning a home. For example, should a friend take a tumble on a slippery kitchen floor and sustain a serious injury, you may be on the hook for medical expenses. Liability insurance, part of a complete home insurance package, covers you in that unlikely event and may also save a friendship!
5) Finally, home insurance provides you with peace of mind. Even if you never end up making a claim, the simple knowledge that you are covered takes a significant worry off your shoulders. You can take comfort in the fact that should some unexpected water or fire damage, for instance, destroy all or part of your home, you and your family will be covered.
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