(8) Temporary Loss Of Use
It is one of the most popular reasons to purchase home insurance policy. Sometimes, your entire house or a major portion of your house such as kitchen, bathroom, toilets, etc. gets damaged. It may occur due to untoward incidents or natural disasters.
In such situations, when you are unable to live in your damaged house then additional or temporary living expenses including hotel & restaurant bills are also covered. These payments for interim housing while home is under construction have certain limits or restrictions.
Generally, insurers will pay up to 20% of the coverage price for the loss of use expenses. For examples, if your house is insured for $100,000 then your loss of use coverage will be $20,000.
(9) Peace Of Mind
It is one of the most significant reasons to buy a home insurance policy. You can rest & work peacefully while living in an insured house. It is because you know that if any unexpected thing happens to your house, you can successfully recover from major amount of losses.
Generally, it is believed that people who are having homeowner’s policy plan are very much likely to cut down a lot of stress. It is due to losses arising without any notice or warning signs.
So, it is much better to have a policy for your flat, apartment or an independent house from a reputed insurer.
However, you should never forget to call your state consumer protection or banking & insurance agencies on mistreatments from some of the greedy insurers.
Image Source: Shutterstock