Homeowner Insurance – Why it’s important

Imagine going away on vacation during winter and coming back to discover a pipe has burst and resulted in flooding and damage to the home. If you don’t have home insurance, the cost involved in repairing the damage will come out of one is pocket. However, if you have home insurance, this would not be the case. You would pay a deductible and have costs covered.

What is home insurance?

Having home insurance coverage protects your home from any unforeseen damages – whether they are caused by natural disasters or pipes bursting. With having home insurance, it protects the homeowner from having to pay out of pocket on the repairs and replacements of damages.

Things covered in home insurance?

While having home insurance may provide comfort to homeowners, one must understand what is covered. Not all home insurances are designed the same. For example, depending on the city you live in, earthquake or flood damages are not always included.

What would be covered though is if there are structural damages – from windows to roofs and foundation. It is essential not just to presume that home insurance covers the home itself because it can cover the belongings of a home. This includes furniture, clothing and electronics.

Is liability coverage the same as insurance?

Liability coverage is something that helps pay for differences if not offset the costs. For example, if you are getting landscape done and the company damages your neighbour’s property. In this circumstance, rather than this coming out of one’s pocket, insurance would be able to pay for the damages.

Categorised in: Buyers, Kamloops, Real Estate, Sellers

This post was written by kamloopshomesearchcom