Essay on Reasons to have Home Insurance

   Do you have your own home? Then you are one of the luckiest people because having your own home is not a small thing. There are millions of people around the world, who don’t have this luxury of owning a home; rather they have to live their lives in rented houses and buildings. If you are lucky enough to have your own home, then it is your responsibility to protect your home in the best possible manner. Natural disasters, fire incidents, or any other unforeseen situation can damage or destroy your home, and keep your home protected, you need to opt for a home insurance plan.

Here, we are going to explain 5 reasons to have home insurance:

1. It Protects You: You may often hear that homeowners complain about the rising costs of home insurance, and you may also be one of them. But do remember one thing, you pay a certain little amount on a monthly or annual basis, which is easier to pay, and it gives great peace of mind to you in case, your home is damaged. In normal circumstances, it will be almost impossible for many to rebuild or repair their home, without having a home insurance plan.

2. Protection from various Threats: You can protect your home from various threats, but you can’t protect it from natural disasters, which can happen anytime. A tornado may come, and destroy your home in a few seconds. An earthquake can also damage your property. You can’t stop these natural events to happen, but you can have home insurance to remain protected so that you can rebuild your home afterward.

3. Protection from Liabilities: The other reason to have home insurance is your liability, which is covered by a home insurance plan. For instance, if anything falls from your home, and it injures someone passing by, or any guest, then the injured person can bring a lawsuit against you. But if you have home insurance cover, then injured person will get his/her treatment through your insurance company.

4. Protection in case of Mortgage: If you are having a home on a mortgage, then your lender will have a basic requirement of having home insurance. The lender has a financial stake in your property in case it is damaged. But if you will have a home insurance plan, then you will be able to rebuild your home without any problem, and you will also be able to pay your lending amount to your lender. If there will be no home insurance policy, then you may not be able to repair your home, and you may also run short of money to pay the lending amount to your lender.

5. An Overall protection: Home insurance is great protection from any kind of loss, such as loss of property, as well as belongings in your property. If your home is damaged, and you are covered by an insurance policy, then you will recover your loss by getting the money to rebuild your home and purchase your valuables, which were lost in an incident.