Ask Away Blog: Homeowners, Assemble! This Is Why You Need Insurance

Homeowners, Assemble! This Is Why You Need Insurance

Thursday, January 7, 2021

 

As a homeowner, you have spent years working and saving hard so that you can buy your dream home. You now have a house that contains every possession that you have paid for and it's got all of the comforts that you dreamed about when you were saving for your first house. It makes total sense, then, that you've installed CCTV and burglar alarms. Security is important to you given that you've invested so much time, effort and money into this, so why don't you have insurance?

Home insurance works in your favor and most places ask you to have it. However, it's not just home insurance that you need. As a homeowner, you're responsible for broken roof shingles, busted boilers and any other repairs, and if the boiler feed pumps break, you're going to be responsible for that, too. It's vital that you have insurance to ensure that your home is protected for when any issues occur. It may not be a legal requirement, but without it, you're going to find that it's a big help when you go for your mortgage with the bank. Insurance helps people to know that you're serious about your mortgage and your wish to keep your home safe. Whether you are buying to let or you are buying your first home, you need insurance. Here's why!

Black Handled Key on Key Hole

Image source: Pexels



Protection. A house is the biggest purchase you could ever make, and getting a good insurance policy for the house as well as the contents of the house will help you to protect it. If there's a fire, flood, electrical fault or something else has been destroyed, you need to make sure that you're not bankrupting yourself to fix the issue.

Saving Cash. Home insurance may be a monthly or annual cost, but without it you're certainly going to spend much more money than with it. If you buy an older property, it's very likely that it'll develop further issues. When you get issues fixed with your property, it's much cheaper to do this with insurance. You'll be able to get any repairs dealt with immediately, too, without any additional costs to worry about.

Theft Protection. Contents cover offers you protection against theft, as it will enable you to buy your things again. Contents cover amounts to what your things are worth, so if there is a theft or damage, you can get those things replaced without the extra cost.

Loss of Use. Has there been a fire? If you have had a disaster happen to your home and you can no longer live in it, you'll be relieved that your insurance will cover you for accommodation during repairs. Without this cover, you have to figure it out for yourself - it's just not ideal.

Disaster Protection. You can help the floods that come from the pipes, but when the house is battered by natural elements you need some help. Mother Nature is fierce, and insurance can give you the disaster protection that you need. It takes time to recover after a natural disaster, but insurance will help!




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