Buying a home is a huge investment, most likely, it’ll be one of the biggest you’ll make in your entire life. That means that once the papers are signed, and you’ve got the keys in your hand, it’s time to shop around for home insurance that will protect your assets. Some mortgage lenders, especially for FHA loans, will most likely include it in their overall price, but if not, look around for some of the best deals you can find.
In case you’re on the fence concerning whether you should buy home insurance or not, here are a few reasons we strongly suggest doing so.
1. It Will Protect You From Thieves
With an estimated 3.7 million homes robbed every year, you stand a good chance of being a victim at some point or another. Provided that thieves infiltrate your home when you’re not there and your family remains safe, they can still make off with several thousand dollars worth of goods. Even if they don’t take anything, the damage done to your door, windows, or other areas can be costly. Homeowners insurance offers protection against all the damages that a home robbery can bring, leaving the only thing you are robbed of is sleep.
2. It May Be Required By Your Lender
You’re not the only person taking a risk on this investment; the institution who loaned you the money also wants to make sure they’re protected as well. As this site points out, some banks or other lenders may not give you a loan unless you can secure homeowner’s insurance.
3. It Can Protect You From Accidents
Hopefully, no one ever is injured as a result from being on your property, but if they are, it may be your responsibility to make sure to pay for any legal and medical bills they can incur. This doesn’t just include accidents inside your home, but property adjacent as well.
4. It Can Protect You From Acts of God
When a tornado or hurricane hits, it can be devastating to your house, incurring thousands of dollars of structural damage, and possibly even a total loss, forcing you to relocate while still paying on a home you no longer occupy. If that’s the case, you can expect a long road to recovery as you fight to rebuild your life, both materially and financially. Homeowner’s insurance protects from you the catastrophes caused by natural disasters so that you can effectively start over without being in too deep of a hole.
5. It Will Give You Peace of Mind
It can be tough to think of buying a home insurance policy when the mortgage and interest rates are on the rise but think about the cost of not paying for one. By foregoing homeowner’s insurance, you are gambling on your safety and that of your family’s, which can leave many sleepless nights, particularly after an accident. If something happens to your home, your priority should be the welfare of your family, not your financial situation, and having a good policy in place makes that a reality.