Being the king (or queen) of your castle is a great feeling.
It can give you an undeniable feeling of pride and fulfillment.
The other side of the coin is that owning a home is a massive responsibility.
From maintenance to insurance, there’s a lot to think about.
Securing homeowners insurance is the best way to protect your investment.
If you have a mortgage, it’ll be required, though it should always be seen as a necessity.
Check out the benefits of having homeowners insurance – some of them may surprise you.
One aspect of homeowners insurance that you might not think of is the protection it provides if your home is broken into.
Not only will it cover the cost of your prized possessions, it will also help with damages your home may incur during the course of the robbery.
Nothing can replace the sentimental value attached to Aunt Lucy’s ruby necklace, but being able to recoup the financial loss is certainly helpful.
You can’t predict or prevent a tornado or another natural disaster or the devastation it may bring to your home.
Your homeowners insurance will cover the cost of repairs should you experience an unfortunate event.
Have you ever thought about what would happen if your child’s playdate ends with her best friend’s arm or leg in a cast?
You may think that little Susie’s parents wouldn’t dream of suing you over the incident – until it happens.
Your homeowners insurance will cover the cost of the resulting medical bills and legal fees.
This can not only be a financial blessing but a stress-reliever too.
So far, these are advantages that you’d more or less expect from a homeowners insurance policy.
The following are some you probably never thought about.
The same liability coverage that protects you from Susie’s broken leg lawsuit will protect you if your golden retriever gets too frisky with the neighbor and bites him.
Liability coverage is usually up to $100,00 – $300,000.
The average cost for a dog bite claim is about $26,000.
You’ll be glad you have this coverage if you ever need it.
If a satellite fell from outer space and landed on your roof, your homeowners policy would cover the (probably significant!) damage.
This scenario is a bit far-fetched, obviously.
The point is that your homeowners insurance covers more than you know.
If you’ve ever experienced a power outage that lasted for a few days or longer, you know you can lose a lot of money from the spoiled food that you have to throw out.
Your homeowners insurance policy may pay up to $500 to restock your fridge in a scenario like this.
If you have a child attending college and living in a dorm, their personal property is protected by a clause in your homeowners insurance policy.
This coverage is good no matter how far away they go, as long as they’re living in a dormitory.
If they live in off-campus housing, they would be required to have their own renter’s insurance policy.
There are a lot of ways that you could experience loss or damage.
That’s the nature of life.
Having a good homeowners insurance policy guarantees that you and your family is financially protected no matter what may come.
Take the opportunity to talk with an insurance expert to make sure you have the coverage you need.
Have you relied on your homeowners insurance for an unusual situation?