It is easy to think that homeowner’s insurance is only about replacing your home if it is damaged or destroyed, However, it is much more versatile than that. Consider these three reasons that everyone should have home insurance, even if they do not own a house.
1. It Protects Your Personal Property
Home policies cover more than structures. They also cover your personal belongings. Generally, everything that is in your home, condo, or apartment is covered by a homeowner’s or renter’s policy. In many cases, that extends if you take them out of the house, to your car for example. So, if there is a fire in your apartment kitchen, your landlord might have to cover the repairs, but who would replace your pots, pans, and dishes? Your home insurance Newark DE, that’s who.
2. It Shields You From Liability
You probably already know that accidents can happen. So, while you may not purposely cause someone to slip and fall in your home, them falling and getting hurt is still a possibility. If you find yourself rushing a friend to the urgent care for X-rays, you might also want to place a call to your insurance carrier. Depending on your policy, liability coverage may help pay for medical care. It will also probably cover legal fees and settlements in the case an injury leads to a lawsuit.
3. It Can Provide for Temporary Housing
Picture this: You turn onto your block after a long day at work only to be met by a wall of flashing lights and sirens. Your home is on fire and it is now a total loss. Think for a minute about where you will go. Temporary housing can be expensive, and you have no furniture, lined, cookware or personal care items to make an apartment liveable. If your homeowner’s insurance has temporary housing coverage, it may cover the cost of a hotel or other housing so you won’t have to crash with friends or family members.
It is easy to pass on a home insurance policy if you don’t own a house; however, that can be a mistake. When you consider other coverages, such a liability, temporary housing, and personal property, it becomes clear why everyone should have home insurance.