Why do I need home insurance?

home insurance
Image courtesy of SD Dirk

Owning a house is a huge responsibility, and when you make that commitment, you commit all your hard-earned savings and future earnings to it. Once you’ve bought the bricks and mortar and filled your new property with all your worldly goods, buying a comprehensive house contents insurance policy is the only way you can really protect them. While it’s absolutely necessary to know the ins and outs of a house sale before pumping hundreds of thousands of dollars into it, it’s equally important that you’re prepared for the responsibility of owning a property and what comes along with it.

If you’re unfortunate enough to suffer a house fire and some or all of your belongings are destroyed or damaged, without homeowners insurance, you’ll receive absolutely no compensation – whether or not the fire was down to human error. And you can apply this rule to all other incidents normally covered by a home insurance policy – earthquake, explosion, flood, lightning, storm, subsidence, faulty electrics, or water/oil leaks – anything. Whether the damage is caused by you, an Act of God or just an unfortunate freak incident, you’ll have no protection.

Similarly, if you’re the victim of a break-in and you haven’t yet managed to get around to purchasing a homeowner's insurance policy, you could stand to lose thousands, if not tens of thousands of dollars’ worth of possessions. If you can afford to, you’ll to replace everything from your own pocket, with help from absolutely no one else. It won’t matter that you’ve carefully listed serial numbers of expensive electrical appliances and taken a photographic record your family heirlooms – without that all-important homeowner's insurance plan, you’ll find yourself up the creek without a paddle.

Another reason to get yourself a homeowner's insurance policy is to cover your home appliances. Choose the coverage that specifically states that it provides ample cover though, because many insurers will offer this as part of a premium package or an optional extra. This means that if your washing machine conks out, you’ll be covered for the repair or replacement of it under your insurance policy.

Don’t wait for something to happen before you get your homeowner's insurance policy. It’s really easy to kid yourself with “Ah, mañana, mañana!”, but you just never know when Lady Luck decides to leave your side.

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