Home is where the heart is, right? When you think of home, you probably picture a cozy little house with white picket fences, a green lawn in front, and maybe even your own personal spa. But what if something unexpected happened and your home was no longer safe to live in? And not just because of a freak storm or an earthquake — because of something much more common like a leaky roof or water heater, for example. Even if that’s not the kind of thing you typically have to worry about, it can happen to anyone at any time. Not only would it be devastating to lose everything you own in one fell swoop, but it could also put you in a very precarious financial situation. Anyone who owns an expensive home will tell you that buying house insurance is one of the smartest things they ever did. It’s not exactly cheap: most policies cost between $800 to $1,500 per year on average, which might seem like a lot for something so seemingly insignificant. Let’s take a closer look at why you should get home insurance sooner rather than later.

Why You Should Have Homeowners Insurance

If you’ve never had a reason to get homeowners insurance, it might seem like an unnecessary expense. After all, nothing is likely to happen to your home, right? Well, unfortunately, that’s not always the case. Even if you’ve lived in your home for 10 years with no problems, one day you might be in the path of a hurricane. You might have a water heater explode and flood your house. You might even have a tree fall on your roof, which can lead to a very costly repair. Even if you’ve never been without homeowners insurance and your house is what some people would call a fixer-upper, you probably have more than a few repairs on your plate at the moment without adding house repairs to the mix. And with the average home repair costing about $4,000, according to HomeAdvisor, it’s important to protect yourself with homeowners insurance.

Protection Against Loss

If you’ve ever been through a major home loss, you know how devastating it can be. You lose not only your home, but also all of your belongings. If you don’t have home insurance, you could be out thousands of dollars, even tens of thousands if you don’t have enough coverage. If your home is destroyed by fire, flood, or other natural disaster, your home insurance will help pay to rebuild your home. If your home is damaged but not destroyed, such as by a hurricane, a tornado, or even vandalism, your insurance will help pay to repair your home.

Protection Against Damage

Let’s say your neighbor’s dog digs a giant hole under your fence and chews through your electrical wiring. If you don’t have home insurance, you’re out of luck, even though the damage is your neighbor’s fault. If you have home insurance, on the other hand, you can make a claim for any repairs or replacements that are covered under your policy. And, even if the damage is caused by your own pet, you can still make a home insurance claim for damage.

Protection For Repairs Or Reconstruction

Let’s say your roof is destroyed in a hailstorm. If you don’t have homeowners insurance, you might have to take out a loan or get help from family members to pay for a new roof. If you do have home insurance, however, your insurance company will pay for a new roof or help you fund a new roof with a loan.

Bottom line

One of the most important things to remember about homeowners insurance is that you can’t purchase a policy after you have a loss. You should purchase a policy before you need to. If you don’t have enough coverage, you could be in a huge financial bind. If you already have homeowners insurance, make sure you’re familiar with what’s covered and what’s not. You don’t want to be in a situation where you wish you had more coverage.

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