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Home is where you spend most of your time. Keeping it safe and damage-free is important so you can enjoy a comfortable living experience there. However, damage can occur even if you take the sternest precautions. Weather hazards, crime, the list goes on and on. A surefire way of protecting yourself in such situations is getting homeowners’ insurance. And this is not the only reason you should get a home insurance policy.
1. Mortgages
Banks and other lending institutions require you to get home insurance before you can get a mortgage on your home. So, if you want to take out a mortgage, you will have to get insurance first.
2. Rebuilding
Homeowners’ insurance will not only cover the damages caused to your home but also the cost of rebuilding it. Even if your home gets completely destroyed, you are safe in the knowledge the rebuilding costs are covered by your policy.
3. Belongings
You can get coverage for your belongings and assets when you buy a policy. If you lose any of them due to theft or for other reasons, you can get the policy to cover the cost of replacing them.
4. Burglary
One in every four homes in the US gets burgled. Therefore, the risk is quite high. Homeowners’ insurance will cover you for any damage or loss you incur because of a burglary.
5. Lawsuits
Last, but not the least, the policy will also cover damage or injury caused to any person while he/she is on your property. For instance, if your dog bites a guest and he/she threatens to sue, you are covered for medical expenses and damages.
These are the top 5 reasons to get homeowners’ insurance. Keep in mind that these are just the tip of the iceberg. There are many other benefits you can enjoy by getting a home insurance policy.
by Morgan Moran
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