Why do I need home insurance?
If you are like most people, your house is your most valuable asset. As such, it is important to protect your home and the things in it against fires, break-ins and natural disasters. Home insurance safeguards your home and your belongings such as furniture and even jewelry, ensuring that should a fire or other undesirable event occur, your financial future remains secure.
How does home insurance protect me?
Home insurance safeguards you in two ways:
- Financial Loss: Your home insurance will refund you in the event of theft or if any other unforeseen situation specified under your property insurance policy occurs.If an unforeseen situation, like a fire, occurs, your home and garage will likely need to be restored or rebuilt. You will be reimbursed for the costs of restoration/ reconstruction as well as the value of any items such as furniture, cameras or computers that need to be replaced.If you are unable to live in your home while it is being restored after a loss, your home insurance will cover some or all of your extra living expenses, such as accommodations, restaurant meals and storage.
- Personal Liability: If someone is injured while visiting your home, they could sue you for damages. Your home insurance policy protects you from this kind of liability by covering a settlement if required.Your home insurance will also protect you against liability for accidental damage to someone else’s property. For example, if you live in an apartment building and your bathtub overflows, resulting in damage to your neighbour’s apartment, your home insurance will pay for repairs or replacement.