The Need for Home Insurance

When purchasing a new home, most homeowners focus in depth on the quality of the home, neighborhood, and their mortgage.  While all of those factors are important, many homeowners do not properly consider the importance of home insurance.  While it is not often considered an important aspect of owning a home, there are many reasons why you need home insurance when owning a home.

Protection from Damage
The first reason why you need home insurance when purchasing a home is because it protects your home in the event of damage.  Each year, millions of home owners have to deal with significant damage to their home, which is often caused by storms and violent weather patterns.  Those who have a good homeowner’s insurance policy will be covered by the event and not have to pay to have the damage repaired.  Often times, the insurance company will even pay for the homeowner’s temporary housing until the damage is completed.  Those without an adequate insurance policy will have to pay for the repairs out of pocket.

Protection from Theft
The second reason why you need home insurance is because the policy will protect you in the event that your home is vandalized or robbed.  Homeowner’s insurance often contains a clause that states that you will be fully covered in the event that your home is damaged or items are stolen in the event that a burglar breaks into your home.

Coverage of Personal Items
The third reason why you need home insurance is that the policy will cover your personal items, even if they are not located in the home.  Most homeowner’s insurance policies will insure all personal items owned by their insured individual.  This could include electronic items, jewelry, or art and will cover all incidents of loss including theft, vandalism, or simply losing the item.  It should be noted that more expensive items frequently will require the insured individual to pay an extra amount on top of the base policy.