Five Reasons to Have Your Homes Insured

Your home is one of your biggest investments in life—so much so that this investment should be adequately protected just in case something might happen to it. Purchasing a home sans insurance is like buying a smartphone without a cellphone case—it is unprotected, risky and left to the elements. In the event that your house is destroyed by any means possible, you would be left with no way to fix it without financially exhausting yourself first. Getting your homes insured is an answer to that. In fact, by purchasing home insurance, you are successfully protecting yourself from the financial pitfall that could potentially plague you in the event disaster strikes and devastates your homes. With this in mind, it is imperative that you scout for home insurance in the Philippines immediately if your home is not covered and look for the policy that would serve you best.

Here are other reasons why your homes should be insured:

1. Protection against robbery and theft

Sure, you may have equipped your homes with state of the art anti-theft equipments and threw in two Dobermans to make sure that no one would dare tresspass your homes and pilfer anything. But in the event that they do, you are highly unlikely to get reimbursed for anything they might have stolen. Having your homes insured would prevent this—especially if you select a homeowner’s policy that will cover stolen home items. More often than not, you are reimbursed for the actual cash value or replacements costs of the item stolen.

2. Protection against natural disasters

You will never know when a disaster strikes—and when it does, you can never predict the extent of damage it would do to your home. Living in the Philippines—a tropical country means that we are constantly battered with a series of typhoons every single year making homes prone to inundation and even fires. If you end up losing your homes to the disaster, you might end up losing everything you have which is why having it insured would help you tremendously. Homeowner’s insurance would defray the repairs whether that may be through a fire, an unexpected hurricane or tornado. Review your chosen policy however, as there are some natural disasters that would require special policies. Flooding for one is not covered in most home insurance policies.

3. Protects equity

For most of us—especially those who have spent a significant amount of their life’s savings—the home remains as the largest single investment in our lifetime. Unless you bought two homes, losing your home may mean losing everything you have—a risk you do not want to take. A home insurance policy protects the equity in your home which is the value of a piece of property over and anove any mortgage or other liabilities relating to that property. Equity in your property increases the more renovations you incorporate to your home. Having your homes insured would make sure that should anything happen to it, you would not have to start from scratch just to build that equity again.

4. Reimbursements for Lost Items

Possessions lost or destroyed might be reimbursed by your insurance company depending on the type of policy you have selected. Remember, if you are uninsured, losing the things in your home would mean having to acquire a fortune just to replace them all. Choose quality policies that would reimburse you for the entire value of your property.

5. Peace of mind

You can never put a price tag on peace of mind, yet it is one of the things you will experience when you have your homes insured. The knowledge that regardless of what happens to your home, you will always be protected financially is nothing short of reassuring. Home insurances would not only protect your home, but would also protect you from pecuniary ruin should anything happen to it.

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