Whether you recently bought a new home or you’re still paying off your mortgage, you may be wondering about the value of home or contents insurance. Will you really need it?
Your home is likely to be the most valuable asset you have, and insurance will help protect both that investment, and your belongings in many different ways.
As we live our lives, we’re constantly investing time, energy, and money into our homes. Our belongings can range from those things that can never be replaced, to high-priced items like electronics- the type of things we either save up for or buy on credit.
In some countries and states, it’s mandatory to have property or home insurance, and it’s important that you’re covered in case of a disaster such as a flood, fire or earthquake. Even when renting a property, renters insurance is a good idea as well, as you’ll have peace of mind that you’ll be covered in the event of a burglary, disaster or fire.
When they are trying to pay all of our other bills, it can seem like too much of an expense to purchase another insurance policy. Because of this, too many people are significantly uninsured – meaning a lot of stress knowing that if the worst happens, they can lose everything they own.
There are numerous home insurance providers available, so it’s important to shop around, read your product disclosure statements, and understand your rights, and what you would be covered for in the event of an incident.
We spend a lot of time in our homes. We relax there, raise our children there, and are often investing into our properties as we make changes and updates. Home and contents insurance is about peace of mind, and you’ll know that if your home is significantly damaged or destroyed, the rebuild will be completely covered- so you won’t need to worry about starting from scratch financially.
Since most banks require for you to have some form of home insurance, it makes sense to choose the best possible provider and policy for your specific needs.
Along with the home itself, many people would be devastated if the contents of their homes were stolen or otherwise damaged. When you’re choosing an insurance provider, it’s a good idea to take stock of everything you own and make a list of all of the things you would take with you if you were going to move. All of these things should be covered under your insurance policy, and it can also be a good idea to keep receipts for large electronics as well.
Often your bank will offer home insurance when you’re sorting out your mortgage, but remember that you’re under no obligation to go with them, and shopping around can mean you save hundreds of dollars and even have better coverage if the worst should happen.
If you want to protect your home and everything in it, be sure to take out home and contents insurance today.
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