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  • Writer's pictureAmanda Bird

5 Benefits of Home Insurance and Why You Need It

A home is one of the largest investments you will ever make. You’ve worked hard to pay off your mortgage and protect your investment. Making sure it is insured properly is another important part of protecting your investment. In fact, if you have a mortgage, your lender is likely to require you to have a basic insurance policy to protect your home.

What is Home Insurance?

Home Insurance is a type of policy that helps to pay for the cost of a variety of things that can happen to your home. For example, insurance can help to repair or replace your home in case of a fire, windstorm, hail, glass breakage, and more. Some policies will even cover you for theft or vandalism to your home.

What does Home Insurance Cover?

Different home insurance policies will cover different things. However, most home insurance policies cover at least two of the following:

  • Damage to the home or its contents

  • Liability if someone is hurt on or around your home

  • Personal possessions

  • Personal liability

  • Additional living expenses

  • Flood damage

A basic home insurance policy will help to cover damage from disasters, such as a fire, a flood, or a tornado. Most policies will also protect you from liability issues, which are claims against you or your family if you are hurt or your property is damaged.

The importance of having home insurance cannot be understated, especially if you are a homeowner. If you own a home, here are a few reasons why you should have home insurance:

Why Every Homeowner Needs Home Insurance

Benefit #1: Protects Your Home

Homeowners insurance helps protect your home and the things in it. This type of insurance helps pay for the cost of repairing or replacing your home in case of a covered disaster such as a fire, flood, or windstorm. It also helps protect against theft, vandalism, and other damages.

Benefit #2: Protects Your Detached Structures

Homeowners' insurance can help protect things outside the walls of your home. This includes the cost of repairing or replacing your garage, shed, fence, or even the driveway. It also helps protect your yard from potential hazards such as falling trees.

Benefit #3: Provides Liability Coverage

Homeowners insurance can help protect you if someone gets hurt on your property. It pays for the cost of their medical expenses, lawsuits, and even wrongful death claims. This helps protect all members of your family, including visitors and guests.

Benefit #4: Protects Your Personal Belongings

Homeowners insurance helps protect your belongings inside your home. This includes your furniture, appliances, and electronics. It also includes your clothing and any other personal items.

Benefit #5: Provides Loss of Use Insurance

Homeowners insurance helps pay for the cost of staying somewhere else if your home is damaged. For example, if your home is damaged in a flood, you can get help paying the cost of a hotel room or apartment. This helps you avoid having to live out of a disaster relief centre or temporary shelter.

The Bottom Line: The Importance of Having Home Insurance to Protect Your Future

Homeowners' insurance helps protect the things that matter most to you. Think about the cost of replacing a home (and all the things inside it) if your home was damaged in a covered disaster. Then consider liability protection in case someone gets hurt on your property.

Many homeowners also have expensive possessions inside their homes, such as electronics, furniture, and clothing. If your home is damaged, your insurance will pay to repair or replace that property.

Insurance also helps protect you from having to pay for another place to live in your home can’t be lived in because of damage. This proves especially important if you are living in the middle of a disaster such as a flood, where you may need to live in a shelter or hotel until repairs can be made to your home.

Add up the cost of these things and you’ll see why every homeowner needs home insurance.

How Can We Help You?

The holidays are fast approaching, and it only makes sense that you take the right steps to ensure your business is well protected. And the best way to do that is by getting business insurance.

New Wave Insurance helps you find an insurance policy that fits your needs. From assets to your business, down to your vehicles—we've got you covered. Learn more about how we can help you today!

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