Do I really need home insurance?
Home insurance coverage is essential, heck it’s mandated by the terms of your mortgage, and you’ll get hosed without it. Without homeowners insurance, each time you have that family barbeque, or light that romatic candel, you put your finances at risk. You may as well put your pin number right on your ATM card if you’re willing to take thest types of risks. Could get bumpy!
Just in case you’re still not convinced, here are three other totally reasonable arguments for the intrinsic worth of home insurance:
- That cute kid you tuck in every night has lots of small toys, and those toys are tons of fun to watch circle the toilet and head down the drain. Each time this happens, you run the risk of a large water back-up that could cost you thousands of dollars. (Psst – This really happened. ).
- Wind and hail are the two largest contributors to home insurance claims, if you live in California you know this all too well, and those in Colorad to Texas are combating the damage from hail each year. If it’s out of your control, you should make sure you have homeowners insurance to create added protection.
- Approximately 5.3% of all insured homeowners filed a claim in 2016, that’s about 1-in-19 homes. The average home insurance claims costs $11,600, so that’s a real risk for the self-insurer. You don’t want to be all “hakuna Matta” with your personal finances, this is one you want to take seriously and get a good insurance company partner.
