Why Do You Need Home Insurance Right Now?

expat network

Why Do You Need Home Insurance Right Now?

Just bought your new home? Congratulations are in order. But, before we start the celebration, let’s talk about something important for a moment. As a first-time home buyer, you’re likely thinking about the long term. You want this to be a place where you can raise a family. Where you can make so many great memories.

However, something can happen to where it can derail all of that. And it can also cost you your home in the process. But what if there was something that could give you peace of mind?

What if you wanted to protect yourself from the things that could set you back financially? There are times when things can happen, and your home doesn’t seem all that enjoyable. That’s where home insurance comes in.

We will take a look at five reasons why now is the time to get home insurance. While you’re at it, it’s important to find home insurance quotes that will best fit your budget. It is entirely possible to be covered against a wide range of possibilities without spending an arm and a leg – but do you know why you ought to be covered? Let’s talk about why home insurance is something you will need now rather than later on:

1. Incidents beyond your control can happen

Do you know what you would do if a tree were to fall on top of your house during a thunderstorm? How about having a game plan in place in case a fire starts somewhere in your house and spreads quickly. There are disasters that can occur where the causes are beyond your control, and your only options are to protect against the financial consequences beforehand – or deal with the costly domino effects as and when they occur in the aftermath.

Obviously, then, anyone would want to be protected from the unexpected, before it happens. Damage can occur to the point where it can cost you thousands of dollars. Without insurance, you’ll be stuck with the repair bill – and that can take a hit out of your wallet. Not good when you’re trying to save up money for something else.

2. Protection from liabilities

Someone could slip and fall in your driveway in the winter. And that alone would cause some serious trouble on your end. This could include lawsuits or even paying for the injured person’s medical expenses.

Accidents can happen and people can get hurt on your property. Even if it isn’t directly your fault, the liability will fall on you since it occurred at your home. Home insurance will cover it all.

3. Stolen property

As you are reading this, someone’s house is being burglarized. And whoever gained access will be making off with some valuable property that the someone owns. The question is: will yours be next?

While you can put in place plenty of measures to protect against burglary, it can still happen. And, if your house is burglarized, your home insurance will cover the costs for a replacement. It doesn’t matter if you are at work or on vacation, you want an insurance policy that will cover you from top to bottom.

4. Your home may be uninhabitable

Some things can happen to where your home may be uninhabitable for a lengthy period of time. And it may lead to expenses that may hit you in the wallet at the worst possible times. Your home insurance policy must cover your expenses until you are able to move back into your home, after all the repairs and maintenance is said and done.

5. It saves you money

Pretty self-explanatory, right? Without insurance, you’re stuck with the expenses. And that will definitely delay some plans you may have because you’re using the money that you’ve saved up.

You could be saving up for a college education for your kids. Or saving up for a special vacation. But that money you’ve worked hard to save for is being used for a different purpose.

Don’t let that happen to you because you didn’t get home insurance. If you’re unsure about getting home insurance because of high prices, there’s something you need to know. Keep reading to see what it is.

Moving into a new home is an exciting time. At this moment, you will likely be thinking about everything from paint colours to where next year’s Christmas tree will go – but it is incredibly important that you spare some mental space for planning against worst case scenarios. Investing in home insurance should sit high on your to do list, and be there to keep you safe and secure in the years to come.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.