How much do you know about what homeowners insurance actually does? In the event of an emergency, what would really happen? Many people would be surprised to find out that a homeowners insurance policy can cover a lot more than just their house. Below, we will take a look at what your home insurance is capable of doing and why. Without further ado, here are the top ten reasons to have a reliable homeowners insurance policy and what it may be able to do for you and for your family.
10. Bank Requirement
One of the requirements of almost every mortgage lender will be the purchase of adequate homeowners insurance. If you wish to satisfy your mortgage lender, you’ll need to get the minimally required amount of home insurance. Each lender will have different requirements, but a minimum policy of some kind will probably be needed.
9. Protection From Legal Liability
You can’t really control if your mail carrier slips and falls on ice in your driveway or if one of your tree branches breaks off and lands on their mail truck. Homeowners insurance provides liability coverage to help protect you from lawsuits that may arise from unfortunate surprises like this.
8. Home Loss Protection
If your home gets decimated or becomes otherwise uninhabitable, a homeowners policy can pay to relocate you. This is called “loss of use” coverage. A policy with this kind of coverage will help you pay for things like hotels, meals, and other similar living expenses.
7. Item Replacement
A good policy will cover your personal belongings. The insurance company may reimburse you for the value of items or pay to replace them beforehand. Keep in mind that these replacement policies can have caveats so know what’s covered and read your policy thoroughly.
6. Medical Bill Assistance
If a guest of yours gets hurt while on your property because of some random disaster, your homeowners policy may provide coverage for their medical bills and other expenses as a result of their injury.
5. Gives Protection From Humans
People can cause as much trouble as mother nature. If your home is robbed or vandalized, your policy is there to protect you and your property. Your belongings may be replaced and repairs may be covered.
4.Protects Equity
Your home is a big investment. If you have built equity in your home by adding innovations or remodeling, your homeowners policy can help you protect the value of your house if it gets damaged. This way, you don’t have to build things up all over again from scratch.
3. Covers Certain Repairs
After a disaster strikes, your insurance company can help you repair damages. This means assisting with the cost of contractors, materials, and more. The claim that you file will have a big impact on what will be covered, so once again, be sure to understand your policy well.
2. Helps Protect From Unforeseen Disasters
Wind, earth, fire, and water are more than just the elements. They’re the ingredients for disasters that will usually be protected by your insurance policy. Most policies will protect from tornadoes, fire, windstorms and hail.
1. Gives Peace of Mind
Lastly, homeowners insurance can give you peace of mind. Knowing that your family, home, and property, are properly protected, can help you stress less and enjoy life more. Because of this, it’s number one on our list of reasons to find a good homeowners insurance policy.
After Disaster – The Next Step
A good homeowners policy is a must in today’s world. However, even if your home insurance policy covers the cost of damages and repairs, it will be up to you to make the next move. That’s where ReBLDing can help. In a world that’s unpredictable, ReBLDing is the contractor services specialist you can trust. Find contractors, get fair estimates, track the status of a repair or construction job, save and organize conversations, and more, all in a secure and user-friendly environment. When disaster strikes, ReBLDing has the contractor services that you can count on without any of the stress and uncertainty.