Your home is most likely one of the most valuable assets you own that you may have spent years saving for. Homeowners insurance helps protect you and your investment in a variety of ways.
Why Homeowners Insurance Is Essential
Home insurance is an investment for peace of mind to protect your house. It is available in two different forms: buildings insurance and contents insurance. You can also opt for a comprehensive plan that will include both. Home insurance offers you a certain amount of cover, which you can use to rebuild your home should a disaster strike.
Your property is likely the most valuable thing that you own. Without insurance, it’s unlikely that you will be able to afford to repair any damage that should occur if a flood or fire should take place.
As well as buildings insurance, you should also ensure you have contents insurance to cover your valuable possessions such as electronics, jewellery or furniture. Below are some of the key reasons it is essential to consider protecting your home with insurance.
1. Homeowners insurance could be required
In some cases, homeowners insurance is required. For example, if you have a mortgage, your lender will most likely request that you have homeowners insurance. Before approving your mortgage or refinancing, the mortgage company will ask you to prove that your home is adequately insured.
This is because the lender must ensure its financial investment in your home is protected if it’s damaged or destroyed by risks such as a fire.
2. It protects more than just your house
While a standard homeowners policy helps protect your house, it typically helps cover more than the physical structure of your home. From your personal belongings to your garden or medical bills, if a guest is injured on your property – a standard homeowners insurance policy may include the following coverages:
Dwelling coverage
If your home and any attached structures, such as shed or garage, are damaged dwelling coverage helps pay for repairs. The amount of dwelling coverage you need is usually calculated by the square footage of your house and what it would cost to rebuild your home.
Other structures coverage
The other structures coverage in your policy helps pay for repairs or replacement for detached structures on your property, such as a fence or shed if they are damaged or destroyed.
Personal property coverage
This type of coverage helps pay to replace certain belongings, such as furniture and electronics, that may be stolen or damaged by a covered loss.
Guest protection
If a visitor is accidentally injured at your home, your policy's guest medical protection helps pay for their resulting medical bills.
Additional living expenses coverage
If you cannot stay in your home after a fire or other covered claim, your homeowner insurance cover may help pay for temporary living costs, such as hotel bills.
Who We Cover
- First Time Buyers
- Multi-Year Policies
- Counsellor
- Working from Home
- Landlord Cover
- Holiday Homes
Safeguard your home from flood, fire, storms and theft with an insurance policy that offers excellent value for money. BMIB provides highly competitive rates from Ireland’s leading insurers with local customer service excellence. Our home insurance experts can tailor your policy to suit your needs with one and two-year policies available.
Home insurance offers peace of mind on a daily basis, allowing you to enjoy living on your property without worry. Contact our team today. Alternatively, call 071 91 41030.
