It’s mindboggling that in 2020 alone, 97.7% of insurance claims were due to property damage and theft, according to the Insurance Information Institute. The home and property damage trend continues further. For this reason, consider taking up insurance coverage for your family and property to be safe. If you still need convincing, keep reading this article to understand why you must act now.
1. Loss Due to Theft
The primary reason for applying for property insurance is to protect your home. Did you know that 34% of thieves will get to your home through the front door? A good insurance policy will go beyond your home to cover detached structures such as garages, dog houses, fences, and sheds. Also, they can tailor the coverage to fit your preferences.
2. Compensation After Damage
Most insurance policies will insure your home at 100% of its value. Search online and ask family and friends how much their providers cover. You’ll be compensated if you lose your property due to covered peril. For example, should a serious fire consume your property, the insurer comes in handy to restore your home’s pristine condition and great value. 85% of homeowners have insured their homes. You don’t want to be part of the 15%.
3. Property Restoration
Sometimes, your property may be considered unfit for use. Usually, this happens after a major disaster, such as a fire, wrecks your home. In such a case, your insurance policy will work to restore your property as per your agreement and cover other arising costs.
Usually, a massive disaster, such as a flood or earthquake, will leave your home unhabitable during repairs. In this case, your family might be forced to leave your home to lodge in a hotel and incur unplanned expenses. A solid insurance policy will help cover these extra costs, including travel and food expenses, during the ongoing home repair.
4. Protection Against Liability
Let’s face it. Injuries can happen anywhere, including within your property. Who will pay for the damage if your neighbor’s home catches fire due to your unattended charcoal grill? Or someone is injured while on your property and may need medical attention? Your guess is as good as mine. Your family will be liable for costly accidents.
For this reason, you need protection from exaggerated lawsuits and unreasonable blame. That’s where liability coverage comes in handy. The cover will protect you from paying expensive damages affiliated with your property whenever such a claim occurs.
Whenever you’re on personal home projects, such as renovation, you should always hire contractors with worker’s compensation coverage. Doing so will protect you from being held responsible for workers’ injuries at the site. Additionally, under the Worker’s Compensation Act, employees have rights to death benefits for their dependents, if applicable, vocational rehabilitation training, and income benefits per week if they miss more than a week of work.
5. Safeguarded Contents
Getting property insurance will protect your property and valuable belongings. Typically, the policy covers furniture, electronics, appliances, and crucial personal possessions. In the event of dilapidation, damage, or destruction of property, content coverage will reimburse you for the cost of your content. Compensation is in entirety or part, depending on your policy’s unique stipulations.
It’s crucial to get property insurance coverage. Doing so will protect your home from all the listed perils that may cause damage or destruction. Moreover, your contents, such as furniture, electronics, and the listed valuables, will also be covered. Visit a reputable insurance company today for a quote. Still not sure? Be sure to do your own research and discover the best policy for you and your lifestyle.
