When buying a home these days, it’s almost automatic that most people will go ahead and factor in buying home insurance as well. Most people in Victoria and the rest of Vancouver Island know they need home insurance, but they don’t always know why. Here are some reasons you should consider getting it.
It Is Required By Some Lenders
Purchasing at least basic home insurance is often required by mortgage companies, banks, and other lenders when buying a home to secure their investment. You’ll usually need to have this secured, and sometimes even name the lender as the mortgage holder, before your lender will finalize their loan to you. This protects their investment as well as yours.
It Protects Your Property
Protecting your property may be the most important reason to get home insurance. Insurance gives you protection against a variety of potential hazards and issues which may occur.
Different home insurance policies cover different hazards so shop around carefully. Be sure to choose what’s right for you at a cost you can afford. Earthquakes, vandalism, theft, fire, and extreme weather are just a few hazards which you can cover your home against.
No one is able to know or stop when a devastating event will occur so isn’t it worth it to have protection against that? Having to fix severe damage to your home or property costs a lot, but insurance can help out with any repair or replacement costs. If your home is uninhabitable after a disaster, home insurance will often pay for temporary accommodation and other living expenses until you can get your property back up to snuff. Your contents are typically covered as well so you’ll be able to replace some or even all of your furniture, appliances, or anything else.
Purchasing home insurance is not something you only do once either! Don’t forget to update your policy annually to make sure you have enough coverage. Give an updated inventory on what valuables you have on the property and the renovations you’ve recently done that need to be covered.
It Protects You Against Liability
When you’re buying a home, you’re probably not thinking it’ll succumb to any major catastrophes. You may even think your contents aren’t worth covering. But insurance can also come in handy if anyone hurts themselves on your property. It may surprise you but yes, you can be held legally responsible for any accidents that happen on your property. Even a trespasser can take action against you! Having home insurance should cover you against any litigation or medical bills you’re being asked for.
It Gives You Peace Of Mind
Anything that would make you have to file a claim with your home insurance is likely due to a very unsettling experience in your life. Imagine the emotional toll a fire, theft or natural disaster can have on a person’s life. Now imagine if you don’t have the means to pay for the repairs and restoration on your property. Having insurance gives you peace of mind – and one less thing you have to worry about during this hard time.
Don’t get us wrong, we aren’t trying to scare — only warn you.
Contact Pemberton Holmes
At Pemberton Holmes Ltd., our REALTORS® throughout Victoria, BC and all over Vancouver Island want to help you find that perfect piece of property worth your investment. We’re happy to answer any questions you have about home insurance and buying a home in the Victoria Real Estate market. Contact us today!