Why does Home Insurance Matter?

The answer to this question should really be quite obvious, your home is most likely to be the single largest investment you will ever make. If you are wondering if this type of insurance in for you, just consider what you would do if your home was destroyed? You would have lost your largest investment and still have the problem of having to pay back your mortgage. This would leave you homeless and quite possibly bankrupt!

Your Home is More Vulnerable than you Think!

When you think about it your home is quite vulnerable, there are so many ways that it can be damage or destroyed its actually quite daunting. In more recent years, the weather across the world has become more unpredictable, more extreme weather conditions are on the rise and consequently so are the amount of home insurance claims being made.

It is not only the natural elements that can damage your property, it is most likely that damage will be made by vandals or thieves.  More often than not, when a property is burgled, damage will occur to the property as forced entry is the most common way of getting into a building. This can be very expensive to repair, especially if large windows or expensive doors are damaged.

real estate insurance

Photo Credits: http://www.flickr.com/photos/stevensnodgrass/5193452171/

Water Damage can be a Big Issue

One of the most common ways that properties are damaged is by water. Leaks account for nearly half of all home insurance claims and tend to be very expensive to repair. The problem with water leaks is that water always finds the lowest point, if a leak happens high up in a property then it will filter down through the rest of the property causing damage along the way. This is especially true for residents that live in flats. If the people living above them have a flood it will usually up causing damage to the property below.

If you leave your property for long periods of time in the winter, this can cause problems with water leaks. The cold weather will cause pipes to freeze ad burst and can end up causing thousands of pounds worth of damage.

Freak Accidents do happen!

Most people think that freak accidents will never happen to then or their property, but they do! If your home is surrounded by large trees they can represent a risk, falling tree’s make up around 15% of all home insurance claims in the UK. Anything can happen to your home, from farm animals trampling through your garden to lightening strikes setting fire to the property.

When you consider the amount of things that could happen to your home it makes sense to have a home insurance policy in place. This form of insurance will cover the cost of the reconstruction of your property and f it is deeded uninhabitable, the vast majority of polices will allow you to claim for alternative accommodation whilst the repair work takes place.

Home insurance is an important policy to have, this type of insurance is often combined with other types of insurance such as landlords insurance and contents insurance.

Speak Your Mind


Spam protection by WP Captcha-Free