I am yet to see someone who doesn’t think owning a home is important and a worthy goal. I am therefore totally confused when I see some who have achieved this goal leaving their homes uncovered. Some insure their homes without knowing if they are fully covered or not. Is it really that important to have your homes insured?
Try to consider this. Have you ever wondered why your mortgage provider insists on having a full coverage for any and every home they finance? These are business people who are about making profit. This should give you an idea to how important home insurance is.
A lady got to know recently had a home, an uninsured home. I said “had a home” because the home is no more due to a fire disaster. Having no place to stay, she had to be accommodated by friends. If you count the emotional loss adding the financial one too, you would see how terrible a situation it is. Now she is in a confused state since she can’t get her house back up due to lack of funds and ill health.
My friend obviously never thought it possible that a thing like that could happen. A lot of people unfortunately think this way. It happened anyway regardless of what she thought.
I personally think that having a home without insuring it is an act of irresponsibility.
Some of us are feeling good with ourselves since we have home insurance. However, have you checked to know if your coverage is adequate? How would you feel if you thought you were fully covered then suddenly you are in a position to make a claim only to discover that your settlement is inadequate? It would feel like the rug was pulled off from under you.
How do you know if you are fully covered? You need to correctly value your home and your content for your content coverage.
You can find this value by doing an evaluation to know what it would cost in today’s market to rebuild your home. The possibility of over coverage is also taken care of with correct valuing of your home.
Whether you are under covered or over covered, you lose money both ways.
Over coverage would certainly occur in a situation where the cost of the land on which the house stands is included in the value of the home to be insured. In the event of a disaster that results in your needing to rebuild your home, would you need to re-purchase the land? This should answer your question.
Some people might need to insure their home and the land for one reason or the other. If this is the case, you need to be sure that this is the case and that your insurer is clear on it. You wouldn’t want surprises.
Getting free home insurance quotes is a necessity for both new, old and aspiring home owners. It is easy to get. Just go to a reputable quotes comparison site, fill out their online form with correct information. After doing this, you would receive quotes from a number of insurance companies. Comparing all the quotes you have gotten with themselves, you would get enough information to help you choose an insurer that offers you the best deal.
Comparing free home insurance quotes is one proven way of ensuring you constantly enjoy the cheapest rates.
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Chimerenka Odimba
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