The importance of home insurance cannot be underestimated. In fact, a home without an insurance policy is like a house that has doors wide open for every passerby to get whatever he wants. Your home is actually vulnerable to many dangers that are beyond your control. This is because a fire or a disaster can strike out of nowhere and leave you homeless. And since buying a home requires you to struggle so much, you should consider insuring your house to protect your investment.
Home insurance is optional
Just like installing home security system is left at the discretion of the homeowner, home insurance is also not mandatory. Although covering your home is a personal decision, you should consider what is at stake before downplaying the issue. In fact, nobody will ask whether your home is covered by insurance until when your worst nightmare comes around.
In case your house goes up in flames or is damaged by a hurricane, you will have look for money to rebuild your home by yourself. This means you will seek shelter in the streets as you wait for friends and relatives to sort you out. When your home is insured, you can get another house to live in without spending even a single cent. This is due to the fact that the insurance company is required by law to help you settle after such a disaster.
Home Cover is Mandatory for Mortgages
This one goes without saying. You can be exempted from covering your home if you are paying the whole amount at the same time. However, all mortgage companies require you to insure your house before you make your down payment. In fact, this is done to protect your interests. If your house was destroyed by natural calamities such as earthquake, tornado or hurricane before you covered it, you will be paying for a home that you have already lost.
Such a scenario can leave you totally heartbroken. It’s like borrowing money from a bank and using it for buying a TV then the screen gets stolen by thieves a few days later. Though your TV is gone without a trace, your bank still expects you to pay the debt. Besides that, you have to make plans to get a new TV set.
Home Insurance Protects You from Legal Battles
You can be sued in a court of law if your guests are injured while in your residence. If you loose in the case battle, you will have to compensate such visitors. You can easily save yourself from such trouble by covering your house. When your home is covered, the burden of compensating visitors that get injured is taken by the insurance company.
Moreover, an insurance cover can still help you in meeting cost of repairing a section of your home that was damaged by a falling tree or any other accident. The other advantage is that you can be compensated if any of your valuables goes missing due to theft. All in all, a home insurance provides a shoulder to cry on at your greatest hour of need. For more insights on home cover plans, please check home insurance Knoxville TN.
Article Submitted by Community Writer.