Reasons Why People Should Prioritize Home Insurance First

1. Reasons Why People Should Prioritize Home Insurance First Why is having home insurance first not a priority for many? When we buy our new home, the first things we consider buying are appliances, furniture, home decorations, and more. Sometimes we just move on to our next milestone, which is purchasing a new car. Out of all of us who bought a new home, how many of us thought about getting home insurance first? Why should home insurance be on top of your list? A home is not just a structure. Remember that it has always been your goal to own a home for you and your family. Reaching that goal took years of your hard work and now you can fill your home with memories and emotions that no amount of money can buy. So, why not get home insurance first before thinking of buying anything else? Home insurance is the best tool to protect your house, and buying home insurance for the first time can be a bit overwhelming. Thus, here are the reasons that may just convince you to buy home insurance first: 1. Gives your home protection against damages caused by natural disasters When disasters hit, your house can be destroyed. You and your family can be displaced when that happens. But the sad thing is, no one can really tell when a disaster will hit and how much damage it will cause. Even if someone can predict a disaster, we cannot pick up our house or move to avoid it. Thus, we are constantly dealing with what-ifs. What if that time happens: how can we prepare for the repair costs? Where will we live? Home insurance protects you from that risk. It may not be able to prevent your home from getting damaged, but it can compensate you for the costs. Isn’t it more reassuring to know that if disaster hits, you will have the financial means to rebuild your house? 2. Safeguards you against robbery and theft

2. As homeowners, we are always wary about someone breaking into our house and stealing things of great value. They can be our appliances, gadgets, pieces of jewelry, money, or even pets. Luckily, home insurance can also provide us protection against robbery and theft. Besides covering your house, home insurance covers its contents as well. As part of the policy, items such as electronics, furniture, jewelry, light fixtures, antiques, valuable home appliances, etc., are also covered. The homeowner's policy reimburses the actual cash value or replacement cost of the items in your home. Make an inventory of all the expensive items in your house so things will seamlessly go when you file a claim. Keep not only the paper records but also pictures and receipts. You can, however, customize the scope of coverage per your preferences. Since you will get compensation in case of robbery or theft, cover specific high-value items in your house when you apply for a home insurance plan. 3. Can pay for medical bills Let’s say you have a guest over, and they slip and fall in your kitchen and break their hip, your home insurance can cover this accident and medical expenses. The good thing is that your home insurance can cover those costs for you. Most homeowner insurance policies include guest medical coverage. If someone gets injured on your property in an accident general liability coverage will not pay for it, but your homeowners insurance will cover their medical care. Surgery, X-rays, an ambulance ride, and hospitalization is what most home insurance companies cover. 4. Can ensure the safety of your equity For most of us, purchasing a home is the most significant investment we will ever make. For a first time homeowner, you can protect your home's equity with first time home buyer insurance. A property's equity is its value over and above its mortgage and other liabilities. Renovations increase your property's equity.

3. You will surely agree that protection is a must-have for this investment. Homeowners insurance prevents you from starting over if something happens to your home. 5. Cost-effective The premium cost holds some people back from purchasing home insurance. Little do they know that the benefits that come with it actually outweigh the premium cost. For example, the average cost of home insurance in the US is $1,383 per year for a $250,000 face amount. That means when something happens with your house, you will get $250,000 and the premium you paid is not even that significant compared to this amount. 6. Protect you from a lawsuit How do you deal with an incident where you damage someone else's property due to the spread of a fire that started from your house? This will lead to legal troubles for you. However, home insurance can protect you from such hassles by covering damages caused to another property by any incident. Aside from that, it also covers the medical expenses of visitors or guests who are injured on your property. 7. Satisfy your mortgage lender It is not a requirement in many states to have homeowner's insurance. However, most banks and mortgage lenders insist you have a first time home buyer insurance. How come they care? Insurance protects the lender's investment if the house gets damaged. Mortgage lenders usually want homeowners to have enough insurance to cover the loan. For some reason, if you cannot purchase insurance, the mortgage company or bank may provide forced coverage. But, you should purchase a homeowner's policy yourself no matter what. Unlike standard insurance policies, forced coverage protects only the interests of the mortgage company and is extremely expensive. Moreover, make sure you pay your premiums on time. The mortgage company will insure your home on your behalf if your insurance lapses. What’s wrong

4. with that? Here’s the thing: lenders may require you to pay higher premiums until you get your own, so invest in home insurance first. Ready to prioritize your home insurance coverage? Having home insurance first comes with lots of benefits. It can protect you from all the possible costs you may incur, whether from natural disasters, theft, man-made disasters, and more. If you are ready to prioritize having a home insurance policy first, don’t hesitate to contact First House Financing. We provide affordable insurance quotes with comprehensive coverages to fit all your needs. Click here to get a free quote!