Home Insurance: Why Is It Important To Insure Your Home?

What is the importance of home insurance? Why should you insure your home? The investment in the purchase of a home is usually one of the largest we make in our life. Therefore, the moment we decide to buy a property, the need to subscribe to home insurance arises. It is vital to feel calm and with the guarantee that whatever happens in our home will be covered.

Although in principle, it is not mandatory to take out home insurance unless the house is mortgaged, there are many reasons and advantages why subscribing to an insurance policy can be beneficial.

What good home insurance should cover

Insurance companies offer all types of policies and different types of home insurance. Each one depends on whether it is a habitual residence, a second home, or even a rented home.

It is important to know that home insurance protects three fundamental thingsthe continent, that is, everything that is part of the construction: ceilings, walls, etc. The content, that is, everything that is included inside the house: furniture, clothes, appliances, etc., and civil liability, or any damage caused to a third party.

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Regardless of our personal needs, there are certain basic coverages that home insurance should always include.

  • Damage caused by atmospheric phenomena.
  • Damages by fire or flood .
  •  Damages for robbery or theft: depending on the type of policy, this may include only theft inside the home. Even thefts that can occur outside the property.
  • Electrical damage: due to any power surge in the facilities and electronic devices.
  • Damage due to accidental breakage of objects such as windows, mirrors, glass, etc.
  • Home repairs – Depending on the policy, the insurance may cover plumbing, glassware, and any repairs needed around the home.
  • Civil liability: this coverage refers to any problem that we may have with a third party, for example, in the event of a pipe break or a gas leak, affecting another neighbor.
  • Legal protection: insurance usually includes legal services that provide advice for any claim.
  • Coverage against non-payment of rent: it is one of the most important coverages in the case of a rental home, since the insurance company will cover any non-payment by the tenant.
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The important thing is to compare different budgets and analyze the different coverage that each insurance company offers us, to be clear about what we are going to have covered.

Why is it important to insure our home?

Mainly, one of the most important things for which we must ensure our home is to have the peace of mind that both the investment we have made, as well as any object that we have inside (furniture, valuables, appliances, etc.) are covered against any accident or theft that we may suffer in our home.

  • Having someone to turn to in the event of an accident: no one is exempt from the fact that any type of accident can occur in their home. A flood, a power failure, etc., having the peace of mind of being able to call an insurance company at any time of the day and any day of the year and that they can solve any accident quickly, is a great advantage.
  •  It is a medium and long-term investment: although home insurance means an annual cost for our economy, insurance companies offer numerous types of policy that can be adapted to each budget, and in any case, the cost of any home insurance, it is always much less than having to cover ourselves for any accident or theft that arises in our home.
  • Have legal protection: in addition to any type of coverage against theft, accident, even fraud and credit card theft, home insurance usually includes legal coverage to advise us regarding any problem related to third parties.
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Now that you know what to look out for when subscribing to an insurance package for your home, make sure every point mentioned here is included.

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