Why Is Home Insurance Necessary in 2020?

​It is an important milestone in a human's life to buy their first home. Some people buy them to settle down while others rent it out or sell it to other potential homeowners as a way to make a profit. Before opting to do so, one should be aware of investing in a home insurance policy.

What is Home Insurance?
A home insurance policy is an agreement between a homeowner and a third-party company where the latter will cover for future damages the former wants to prevent in the future. For example, an investor who wants to buy a condo unit located in the city learns that his future investment might be in danger of fire, earthquake, and theft. Thus, he buys one from an insurance company that covers all three of these future events.

In this article, we will explore the reasons why a homeowner should invest in one and why it is still relevant in 2020.

Reduces Large and Uncertain Financial Losses
For example, you just bought your dream bungalow home in the suburbs for your wife and future kids to stay in. After moving in, you notice that there is a possibility of the apple tree falling onto your roof during a typhoon, a tornado, or an earthquake. Aside from covering the repair costs, home insurance with a liability provision on a homeowner's property can also help cover medical costs for anyone who gets injured in future events.

Increases the Longevity of the Property Over Time
Paying a small certain fee in the present for an insurance policy to cover your property investment can help you keep it maintained. Over time, a house breaks down whether it is being used or not. For example, having the proper insurance would help the household cover between $350 to $86,400 to repair a water-damaged roof and/or basement (HomeAdvisor.com, 2020).

Reduces the Burden When Selling or Renting the Property
In the previous section, it was mentioned that the policy will help cover the house for as long as its homeowner still owns it. However, having one is also an advantage for people who are looking to sell or rent their properties. To sellers, an insured house gives buyers the impression that the property is well-maintained. For renters, it would help them choose a secured, safe place to stay temporarily.

At Robert Nichols Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (561) 406-6153 or Click Here to request a free quote.