10 Wonderful Reasons To Purchase Home Insurance

reasons to purchase home insurance Happy couple after purchasing home insurance

(2) Protecting You From Lawsuits

It is one of the most critical reasons to purchase home insurance policy. A typical insurance plan for real estate property usually protects you from lawsuits.

Some of the common but unfortunate incidents that can trigger lawsuit against homeowner include dog-bite lawsuit, slipping on a patch of ice, falling due to broken stairs on your porch, falling on kitchen linoleum, falling of old tree on neighbor’s car, and even slander, libel or defamation case against you.

Generally, personal liability coverage will pay the injured person’s medical bills, damages to property as well as pay the fees of attorney to help you to defend in a court case.

Most of the policy will provide you up to $100,000 in limited personal liability insurance. However, you can purchase an additional coverage for an extra premium.

[Read Also: 11 Critical Points To Know About Homeowner’s Insurance]

(3) Protecting From Losses

It is one of the most popular reasons to purchase home insurance policy. When you are living in an independent house, flat or an apartment in a residential area then you are also carrying the risk of being damaged or destroyed.

These types of house damages can occur due to fire, theft, or high speed wind storms, tornadoes, hurricanes & other natural disasters.

According to a 2010 study conducted by Federal Emergency Management Agency (FEMA), about 64% of homes in United States are underinsured & around 50% homes in high risk areas are underinsured.

You should always buy a property insurance coverage by considering the value of all personal possessions contained inside the home.

However, you can also consider buying extended replacement value insurance to cover up to 100% of the home’s value.

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