You definitely would love to find a way to save and reduce your expenditure. There truly are many routes by which this could be possible. You must have sat down and calculated your income and compared it with your expenditure, your heart beats out in frustration and you know you can’t just continue like this. But what should be done and what should not be done is what your mind would be revolving around.
No matter what happens to your income or expenditure, cutting away your house insurance would have numerous consequences for you. Many of these wouldn’t be pleasant and the only surviving positive would be the saving of the money that should have gone for premiums. But are they really saved? This article carefully outlines the possibilities that could occur if you don’t have house Insurance.
what exactly is house Insurance?
House Insurance is a cover for the loss and damage to your property. This includes internal furnishes and the assets inside of your home. It therefore implies it acts as a cover and a contingency plan for unexpected occurrences. These unexpected occurrences could range from:
- Loss/Damage of Property.
- Injury of Property.
- Interior Damage.
- Exterior Damage.
However, the insurance companies only pay the claims to cover the expenses if any of these losses occur after the deductible has been sufficiently paid.
You must be pondering what a deductible is?
Well, a deductible is the amount of money you have to pay towards a loss before your insurance company starts to pay a claim according to the terms of the policy.
With this well understood, what could possibly happen if you don’t have house insurance?
The possibilities are numerous but they are encapsulated into these few points.
1. Loss of property: When moving into a new one should definitely want the home to be the definition of comfort. Of course, what’s a house without comfort? But what happens if after the pieces of furniture have been purchased and the house placed in order, your home is then burgled and wiped clean of the furniture or there is an outbreak of fire or a natural disaster? There would be no backup plan or contingency to get you back on your feet in the occurrence of such.
2. Cost of Rebuilding:- If a house gets damaged by fire, it would require capital to either restore, in the case of partial damage, or completely rebuild, in the case of complete damage to the property.
3. Searching for another location:- In the occurrence of an earthquake or a tornado, it might be required to move to a whole new location. This would incur more expenses to look for a place and to pay for it.
4. Damage Extension:- In the eventuality that a fire incident that begins from your home stretches further into another home, you would need to pay for the damage incurred to the home as well as anticipate a lawsuit if your neighbour decided to file charges against you.
5. Unnecessary Burden:- All these possibilities place a heavy burden on your heart which could lead to serious implications for your health as you try to navigate around the whole occurrence.
Hence it’s safer to have house insurance than not to have one. Yes, you would love to reduce your expenditure and live a better life but you will definitely lose more money than you will preserve in the absence of house insurance.
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