When new homeowners think of the benefits of homeowner's insurance, they often think about major damage being done to their house, or "main structure" — and for good reason. Homeowners insurance is the best way to protect against the monetary damages that can accrue if your home is damaged by a fire, flood, or severe storm. That said, there are many other benefits to homeowners insurance that may not be as immediately obvious. Take a look below for three common situations in which homeowners insurance is extremely beneficial.
Someone Gets Hurt on Your Property and Blames You
Whether it's a relative who trips over a crack in the driveway or a neighbor who stumbles up the front porch stairs, accidents that cause injuries are all too common on every property, no matter how well maintained. Unfortunately, this can lead to a situation in which the injured person blames the property owner and threatens legal action. If you do not have homeowners insurance and you are proven to be at fault, then you may be forced to pay for medical bills and more. Instances such as these show homeowners insurance is an investment that pays for itself many times over.
A Secondary Structure Is Damaged
Many properties have so-called secondary structures, including garages, guest houses, and fences. Many of these can be quite expensive, but damage to them is covered if you have a standard homeowners insurance policy. For example, if an old tree is suddenly uprooted by a storm and falls onto a tool shed or garage, then you can at least rest assured that the cost of rebuilding or replacing these structures will not come out of your own pocket.
You Need to Stay Somewhere Else During Repairs
Very few people are able to stay in their homes while major repairs (caused by a covered loss) are being performed. Some people may opt to stay with family, but others will be forced to stay at a hotel. Doing so for just a few weeks can easily cost thousands of dollars, especially if you have a large family requiring multiple rooms. This isn't a concern if you have homeowners insurance, however, because a policy will cover your stay until you are able to return home.
While the financial aspects of a homeowners insurance policy are no doubt important, the kind of peace of mind that comes with this kind of coverage is hard to put a price on. For more information on homeowners insurance, contact a professional near you.