Why you need Property Insurance

Why you need Property Insurance

Property Insurance is a type of insurance that secures your properties; being it house, furniture, company building or anything you own. It protects property against damage or loss due to certain perils, such as theft, weather events, natural disasters or fire.

It is designed for individuals and businesses to get a property insured when there is damage. If a guest accidentally injures themselves on your property and you’re legally liable, they could sue you for medical bills.

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These scenarios could put you in a difficult financial situation. Having the best property insurance is essential to protect yourself and your property from liabilities. It can also protect you against these unforeseen events and potential pitfalls.

The basic goal behind buying any insurance is to make you financially whole following a loss. Paying a small fee to an insurance company today in exchange for a guarantee from the company that it will bear the burden of a large but uncertain loss in the future.

Well, pretty much anyone who owns expensive property. Indeed, you are forced in many cases either by law or a mortgage contract to carry property insurance. However, if you have doubts in buying property insurance policy these five reasons will make you do it.

1. Covers damage inside and out

It doesn’t matter if you have a brand-new home, an older fixer upper or anything in-between, the fact is that costly unexpected interior and exterior damage can occur at any time and the only way to really prepare for it is with a Homeowners policy.

2. Covers Personal Valuables

There’s a reason why we call it “Homeowners” insurance instead of “House owners” insurance, and that’s because it protects your entire home and not just the structure itself. Your homeowners policy includes coverage for more than just the structure of your home.

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It also includes coverage you can use to repurchase damaged or stolen furniture, clothes, tech items, bikes, tools, kitchen gadgets, and almost everything else you store inside your house. In most cases, it also provides coverage for items in your vehicle (because only Home insurance – NOT auto insurance – covers items stolen from your car or truck).

3. Covers Personal Liability

Like we said above, accidents happen all the time and that includes ones where people get injured. If you’ve invited someone into your home and they are hurt while they’re there, you can be deemed legally liable for expenses caused by their injury, even if you did nothing to cause it. In cases like this a Homeowners policy provides coverage options of up to $2,000,000 in damages—which is definitely not the amount you want to pay out of your own pocket.

4. Covers Fire-Related Liability

Imagine that you’re at work and there’s an electrical short inside your home that causes a fire. Not only is your home damaged, but—since no one noticed the fire until it was too late—it spread to your neighbour’s house. In a case like this or others like it, you can be deemed legally liable for the damage done to their property. This is why liability protection is such an important part of your Homeowners policy.

5. Covers emergency expenses

In many cases the kinds of emergencies that make a Homeowners policy necessary can be severe enough to leave you without a place to live. Some insurance policies offer additional living expenses in some cases, which you can use to help pay for a temporary residence until it’s safe for you to return home.

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Now any one of these on their own would completely justify the purchase of a Homeowners insurance policy, but when you see them combined, it becomes clear just how important this kind of coverage is and that’s not even mentioning all the other ways it can help you out. Never hesitate to insure your properties.


Joyceline Natally Cudjoe

An Entertainment Columnist, Content Writer, Blogger, Novelist, Poet, and a Publicist. For business or story tip off, contact me on +233 24 646 6866 or email: [email protected]

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