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 home without knowing if they are fully covered or not. Is home insurance a waste of money.
Let’s look at it like this. Have you ever wondered why your mortgage provider insists on having a full coverage for any and every home they finance? These are business people who are about making profit. Their insistence on this should start you thinking.
I have a friend who had a home that was not insured. Unfortunately, her home got burnt down. She had to become an inconvenience to friends who had to put her up. This does not take into account the emotional and financial cost to her. She in addition to not having the money to rebuild, she 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.
I personally think that having a home without insuring it is an act of irresponsibility.
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.
How do you know if you are fully covered? You need to correctly value your home and your content for your content coverage.
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 covered usually arise at this point because in valuing their homes, they included the cost of the land on which the home is built. In the even of a disaster that results in your needing to rebuild your home, would you need to re-purchase the land? This should answer your question.
If somehow your land is also in danger, then by all means insure it and be sure your policy includes it so you would not be surprised if you were to make a claim.
Getting free home insurance quotes is a necessity for both new, old and aspiring home owners. It is easy to get. Just go to a reputable quotes comparison site, fill out their online form with correct information. You would be contacted and receive quotes from several insurance companies. When you have compared amongst them all, you would have more information to help you decide on who to go with.
Get free home insurance quotes today and start enjoying lower rates for your home insurance coverage.