Purchasing a home is generally one of the largest investments you will make in your lifetime.  Such a big investment requires careful consideration of potential risk that one may face as a homeowner.  Fortunately, homeowners insurance is available to provide peace-of-mind and protect you against many of the risks associated with owning a home.

Despite some common misconceptions, homeowners insurance is not a major financial commitment and its benefits far outweigh its costs. With that said, here are some reasons why you should purchase a homeowners insurance policy.

Personal property, injury and liability coverage

First and foremost, homeowners insurance will likely be a prerequisite to obtaining a mortgage.  Mortgage lenders will want to know that their investment is properly secured and protected. 

As far as what homeowners insurance covers, that depends on the specific policy.  A basic homeowners insurance policy will cover your home and possessions if they are damaged or destroyed by the following:

  • Fire
  • Lightening
  • Hail
  • Smoke
  • Theft
  • Vandalism
  • Windstorm
  • Explosions
  • Malicious Mischief

In addition to covering your home and property, homeowners insurance coverage also includes liability, which covers you when you or a family member causes personal injury or damage to another for which we recommend the help from this expert injury and family lawyer.  This can range from coverage for injuries related to a slip-and-fall on your property to damages resulting from a dog bite.  Accidents can happen any time.  You want to make sure you are personally protected from a potential lawsuit.

 Approximately one new lawsuit is initiated every two seconds in the United States. What is important to note is that many of these lawsuits are cases against homeowners for personal injuries. According to statistics from a 2013 National Safety Council report, nearly 20,000 deaths were associated with slip and fall injuries.  In 2007, a staggering 7,000,000 Americans sustained non-fatal slip and fall injuries at a home.  In personal injury cases, the injured party will be represented by a personal injury lawyer who will seek damages on their behalf to pay for medical bills, pain and suffering, loss of wages and other damages incurred by the accident.

It’s more affordable than you might think

Comprehensive and liability homeowners insurance is more affordable than you might think and will come in handy if your property is damaged or someone is injured while on your property (which will lead usually to insurance litigation).  Most homeowners insurance companies will provide you with free quotes instantly when you research their policies online.  Additionally, you can check out the average costs state-by-state on ValuePenguin.  Don’t let your lack of coverage come back to “bite” you – take preventive measures and get a homeowners insurance policy today.

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Want to learn more about our legal services? Consult with one of our workers' compensation or personal injury attorneys by contacting our lawyers or call (609) 407-1000 today. Our Attorneys proudly serve all of Southern New Jersey including the nearby areas of Northfield, Pleasantville, Galloway, Linwood, Atlantic City, as well as, Atlantic, Cape May, Camden, Cumberland and Ocean Counties and the greater Southern New Jersey region. We look forward to working with you!

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The information contained in this website is provided for informational purposes only and should not be construed as legal advice on any subject matter. Each case is unique and we encourage you to seek licensed legal advice to ensure all of your questions are answered. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice based on the particular facts and circumstances at issue from an attorney licensed in the state of New Jersey.

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