It’s true, the benefits of home insurance cannot be undermined. As a homeowner, it is critical to protect yourself from unforeseen circumstances that could cost you dearly. Owning a home has its own set of responsibilities and the right kind of home insurance can safeguard you. Gumtree outlines the top advantages of having home insurance.
- The primary reason to invest in home insurance is to protect your main home building i.e., where you live. Imagine your home is destroyed due to a house fire or powerful weather conditions such as tornados. Insuring 80 to 100% of your home’s value can cover the damage and other replacement costs.
- Secondly, home insurance also protects external structures such as sheds and garages i.e., the detached structures.
- Before choosing the right insurance for you, take an in-depth inventory of the contents of your home including furniture, electronics and appliances. Thus, any major damage to these will be covered by the insurance so you can replace them timeously.
- Have you ever heard of the case in the US where a robber fell on a kitchen knife in the home he was burglarising, sued the homeowner and won? This is why you must invest in liability and home insurance. This liability coverage protects you from paying thousands of rands in medical bills if someone is injured on your property.
- If your home is being repaired (in the event it is covered by insurance), you will have to spend money by living at a hotel and eating out. However, in some cases, the loss of use component of home insurance can cover these additional expenses.