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:
- 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. 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. 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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