| Home Insurance - Why Do I need It? |
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| Written by Chimerenka Odimba |
| Thursday, 01 April 2010 15:28 |
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I am yet to see someone who doesn't think owning a home is important and a worthy goal. It is then a surprise to know that some people who own homes have not bothered to insurer their homes. Some insure their homes without knowing if they are fully covered or not. How important is home insurance?
I am yet to see someone who doesn't think owning a home is important and a worthy goal. It is then a surprise to know that some people who own homes have not bothered to insurer their homes. Either this or they are totally careless about the coverage they have not knowing if it is adequate. Is home insurance a waste of money? Try to consider this. You can not get a mortgage loan if you do not agree to the mortgage providers term which includes having the home insured. Are they foolish for making this compulsory? These are business people who are about making profit. If you think about it, you would agree that home insurance is important. A lady I 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. She in addition to not having the money to rebuild, was not making that much money and had no hope of doing so because of her health. If I had asked my friend before the disaster occurred if her home could be burnt down, her natural answer would of course be "NEVER" but it did occur. Not insuring your home to me is pure carelessness and a show of poor business and financial judgment. For those who have homes that are insured, have you taken the time to ascertain that your home is fully covered? It would be heart rending if you thought your home was fully covered only to discover too late that you are under covered. Am I fully covered?How do I know? The first step is correctly valuing your home and its content. The easy way to do this is find out how much it would cost you to rebuild your home at the current market price. Correctly valuing your home can also serve to make you know if your home is over covered. Being over covered is as much a problem as being under covered since both result in loss of money. Many people who are over covered usually arrive at this point because in valuing their homes, they included the cost of the land on which the home is built. If you were to make a claim for the rebuilding of your home would your claim include the cost of repurchasing the land? Answer this and you would know have your answer. Is your land in some kind of danger that requires you insure it? Go ahead and do so but be sure it is clear that you are insuring your land and not just your house. Free home insurance quotes is something everyone who owns a home should get whether you have an insurance coverage or not. It's a straight forward process. All you need to do to start is to visit a quotes comparison site online. You would find a short form on their site. Fill it. You would be contacted and receive free home insurance quotes from several 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. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. How Do I Start Getting Quotes? Start from these links Affordable Home Insurance Quotes and Free Home Insurance Quotes Chimerenka Odimba is the publisher of several finance based sites. |