4 Misconceptions You Might Have Regarding Home Insurance
by adminInsurance might seem like one of those things you don’t need until you do. Insurance offers an important layer of protection for the things you place the most value on. Health and life insurance let you rest easy knowing you and your loved ones will be protected in case anything happens. However, many people view insuring their possessions as a waste of money, frivolous, or a money trap.
Nothing could be further from the truth especially when it comes to insuring your home. Home insurance does more than just take care of you and your family. Let’s take apart 4 myths that many people have regarding home insurance and talk about why it’s important to factor in the cost of home insurance when buying a home.
If you’re already a homeowner, contact Prime Insurance for Surrey home insurance.
Home Insurance Isn’t A Requirement
It’s true that, unlike owning a vehicle, there are no laws stipulating that homeowners must have insurance. Some banks and mortgage lenders, however, do require that you have home insurance at least until you’ve paid it off. The purchase of a home is the costliest investment you will ever make. Purchasing home insurance to protect that investment just makes good sense. When you insure your home, it’s not just the building you protecting rather you are investing in your future self if you lose your home.
Also Read: Why the Least Expensive Insurance Option Isn’t Always the Best Choice
Your Coverage Will Always Remain the Same
Most of the time after your purchase a home the next few years are spent making it your own. That often includes renovations, changes to the floor plan, upgrades, and additions to the property. All of these changes will impact your coverage as well as the monthly premium payments that you make. It’s important to communicate with your insurance broker regularly especially during the renovation process to ensure that you’re getting the best coverage available and that the changes you have made are equally as protected.
Home Insurance Only Protects the Building
Many first-time home insurance buyers forget the account for the things inside when they are evaluating what their home is worth. Expensive furniture, family heirlooms, and antiques, as well as electronics and appliances, can also be covered by home insurance but only if they are included in the plan. Be sure to communicate that with your broker.
Insurance Protects Only You
Liability protects whoever is included in the plan. Like renovations and upgrades, your liability coverage will need to be upgraded whenever a new member joins that family whether that be roommates, your partner, or your children. Having home insurance also safeguards people who live there and provides some protection against having nowhere to go should you lose your home.
To start talking about purchasing a comprehensive Surrey home insurance plan, begin a conversation with any of the brokers at Prime Insurance in Surrey.