Owning a new home is one of the greatest sources of excitement and happiness everyone would love to have. Be free with the premise of your environment. Every piece of sand and every acre of land is yours. It’s enough to sleep without food in the belly. But this excitement could quickly turn sour if the house owner is met with some unexpected turn of events like fire outbreaks, floods, theft, vandalism etc.
This is where Insurance policies come into play to ensure that whatever damage might be incurred on the property is adequately taken care of, reducing the burden on the shoulders of the house owner. But what exactly is House Owner Insurance?
House Owner insurance is a cover that helps house owners recover financially from dangers that could cause a downturn in their finances as a result of unexpected happenings like storms, hurricanes, floods earthquakes, fire outbreaks etc.
However, the scope to which the insurance covers is largely dependent on the policy given by the insurance company. But there are some basic coverages that should occur irrespective of the policy the company might have and they include:-
1. Loss/Damage of Property:- A theft situation could lead to the loss of property whereas a fire outbreak an earthquake or a tree falling on a house could also lead to the damage of a pretty. Whatever the case may be, the insurance policy should cover the expenses for these occurrences.
2. Liability:- The insurance policy takes care of an injury to someone within your property. It ensures that you are covered from any lawsuits by the injured party on your land.
3. Additional Expenses:- If your house is been repaired, you might need to stay in a hotel for the period of the repair. Your insurance provider should also consider these costs.
However, before the claims are been paid by your insurance provider, it is required that certain deductibles are been paid first.
Deductibles are the amount of money you have to pay towards a loss before your insurance company starts to pay a claim., account to the terms of the policy. It is also an important point to note that the amount of premium paid to your insurance company is dependent on a joint deductible your pay. The amount of your deductible paid is dependent on your cash flow. .hence, if you are sufficient enough that coaster for a high deductible, you would be required to pay a premium and vice versa.
For a house owner, who wants to enjoy maximally the comfort that his new house would provide, he must understand the risk that could occur if the insurance isn’t in place.
What would happen if I don’t have a house Owner Insurance?
1. Financial Burden:- In the eventuality of an incident that occurs in the house, the house owner’s pockets would be strained to return the house to how it used to be.
2. Inability to make repairs:- When the cost of making repairs on damages becomes too much than the house owner can afford, fur to the insurance, he would be able to afford it and then would have to learn to live with the damage.
3.. No liability Protection:- If a neighbour gets injured on your property, the absence of house insurance gives you non-coverage in the eventuality of a legal attack from the individual.
In essence, there’s so much to be lost if the house owners refuse to have a house owners insurance. The comfort derived from the house would quickly be turned to sadness if the appropriate contingency plans stent put in place.
Do you find this Article Helpful?
We have a dream of changing lives by providing everyone with valuable content and 100percent value , Astralhubs community is full of Love and passion to make Life comfortable for everyone in the world .We hope to see you join our community to be the first to get notifications on our new updated content or Blogpost and as well to ask questions.
Our faithful word remain-“we love you and there’s nothing you can do about it”