Why You Need Home Insurance

When you’re looking for a home insurance policy, you certainly want to find home insurance that you can trust. The bigger question for some, however, is why bother with home insurance at all. If we are careful enough in life, we surely don’t need to shell out money for insurance to protect it. Here are some of the best reasons to purchase a good home insurance policy.

  1. Some Disasters Are Out of Your Control

You might be able to take numerous measures to care for your belongings within your home, but there are certain things that are simply out of your control, such as natural disasters. Australia is subject to annual bushfires, as well as storms, tropical cyclones, earthquakes, and even tsunamis for the more than 80 percent of Australia’s population who live within coastal zones.

Insurance is a form of financial protection against those forces over which one has no control. It’s impossible to predict how and when such things can affect you. Many victims of the 2019-2020 bushfire season, for instance, may have thought at some point that such fires would never happen and they’d never reach as far as they did.

  1. Actions of Others Are Out of Your Control

It’s not only the wrath of nature that’s out of your control, but also the actions of other people around you in the wider community. You can take measures against burglars and thieves, but no matter what we do, it never seems to be quite enough as the criminal mind adapts and its determination grows. If you have things criminals want, and they have a mind to take it, you need to have protection for if and when they manage to succeed.

  1. It Protects You From Financial Losses

Compared to several decades ago, the average net worth of Australian families has greatly increased. This net worth is dictated by the many tangible assets that one possesses, including money and personal property. Data shows that the average Australian household is worth about AUD $1,022,200. It’s no wonder, then, that some 4 in every 100 households in the country experienced a break-in or attempted break-in over the last 12 months.

The fact is that even the most average homes have valuables worth stealing — smartphones, iPods, tablets, laptops, cars, televisions and more. Much of a person’s valuables are now easily carried, too, so a single burglar could make off with thousands of dollars worth of goods all under one arm or in one gym bag. Insurance protects you from financial losses and replaces many of your lost goods, if and when the unthinkable happens.

  1. Home Insurance Coverage Goes Wider Than You Think

Burglaries and break-ins aren’t always done stealthily in the middle of the night. Some events result in injuries and even death among those who live in the house. Home insurance can offer medical coverage for those who are seriously injured, and cover expenses that might not be covered by Medicare, such as dental injuries — a distinct possibility if you get into a fight with a would-be burglar.

Besides medical matters, it also covers personal liability in case you damage other people’s property, which is very handy to know. It also covers structures around your home such as fences, sheds and garden structures such as a gazebo. In other words, home insurance is a very versatile and protective kind of coverage.

  1. Protects You From Lawsuits

Speaking of personal liability, this also applies to situations where other people might accidentally hurt themselves on your property. If someone falls and hurts themself on your driveway because you failed to clear away ice, for example, then you could be looking at a potential lawsuit. Your home insurance will act as protection against such liability.

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