Industry Insights

7 Important Benefits of Homeowners Insurance


According to statistics, 93% of homeowners in the US have some type of home insurance.

Is your home currently not covered by insurance? If so, you are missing out on some critical benefits. 

There's a reason why the overwhelming majority of homeowners have insurance. For most Americans, their home is their biggest asset. Therefore it makes financial sense to protect it. If you insure your property, you'll safeguard its value and your family's security. 

Homeowners insurance is one of those things that you won't miss until disaster strikes. But when it does, homeowners insurance coverage can save you stress and protect you from heavy financial setbacks. 

Keep reading to find out 7 key benefits of homeowners insurance. 

1. Homeowners Insurance Can Cover Theft

One of the benefits of home insurance that many people aren't aware of is that it can cover losses resulting from theft. If your home is burglarized, this can be traumatic and stressful enough without having to cough up money out of nowhere to replace stolen possessions. 

A homeowners insurance policy will cover the replacement values of any items you have insured under home contents if you opt for burglary coverage. Some policies will also cover stolen property of domestic employees.

Having burglary coverage can save you a lot of money and disruption after a break-in. It can also give you extra peace of mind. Instead of feeling like you're leaving your valuable possessions vulnerable every time you're not at home, you can rest easy knowing that should the worst-case scenario happen, your insurance will foot the bill.

2. Homeowners Insurance Doesn’t Just Protect Your Home

Another thing some people don't realize about homeowners insurance is that most policies don't just protect your home. Coverage can also extend to detached structures, such as garages, workshops, sheds, etc. Some policies may also cover things like pergolas and perimeter fences. 

Detached structures are usually covered to a maximum of 10% of the coverage limit for your home. In other words, if you have insured your home for $500,000, you can enjoy up to $50,000 worth of coverage for detached structures. 

If you wish to increase this coverage limit, you can also customize your policy to include this. 

3. Homeowners Insurance Is a Critical Safeguard Against Extreme Weather Events

Extreme weather events such as hailstorms, snowstorms, lightning, tornados, and hurricanes can wreak extensive damage to even the most well-built home. 

With extreme weather events on the rise, it's more critical than ever for U.S. homeowners to protect their property with the right home coverage. 

One of the main purposes of homeowners insurance is to safeguard property owners from having to pay unaffordable, unexpected, repair costs out-of-pocket. If a natural disaster strikes or an unforeseen extreme weather event wreaks damage to your home, your insurance policy is there to cover the loss. 

Paying for major home repairs is simply not financially possible for many homeowners. In most cases, storm damage repairs aren't something you can put off until you can afford the cost. If your roof is caved in, your home flooded, or your wiring is damaged, you can't simply say "Oh we'll get this repaired when we have the money."

Having homeowners insurance ensures that you're never left in a situation where you can't afford to fix sudden damage to your home. 

Additionally, some homeowner policies also offer coverage for damage to personal possessions resulting from things like floods and fire. 

4. Homeowners Insurance Also Covers Extra Living Expenses

If your home has suffered severe damage and is uninhabitable, you might be forced to move out and seek alternative accommodation while the repairs are being carried out. This will usually incur hotel, travel, and food expenses.

The extra expenses you encounter as a result of your home being uninhabitable are another cost that homeowners insurance can cover, up to a certain point. This coverage falls under your home policy's loss of use component.

5. Homeowners Insurance Also Includes Liability Coverage

Homeowners insurance doesn't just cover damage to your home or possessions, it can also protect you from third-party liability. 

If someone visiting your home suffers an injury, the liability could fall on you as the property owner. Being the liable party in a personal injury case  can be financially devastating. 

Not only might you have to cover the injured party's medical treatment, but (depending on the severity of the injury) you might also be sued for loss of quality of life, disability, and pain and suffering.

Comprehensive homeowners insurance will safeguard you from this type of third-party liability. 

6. Homeowners Insurance Is Relatively Inexpensive

Although homeowners insurance safeguards one of your assets, it's a relatively inexpensive form of coverage. If you add up all the benefits of home cover and the ways it can protect you from financial disaster, it could be one of the most cost-effective insurance types to hold. 

However, even though the benefits of home coverage usually far outweigh the costs, some people still might not be able to afford a comprehensive policy. Fortunately, there are ways to get some level of home coverage, no matter your budget.

Not sure if you can afford homeowners insurance? You may find there are basic policy variants that fall within your price range and still protect you from the unforeseen. 

7. Homeowners Insurance Gives You Peace of Mind and Protects Your Family From Disaster

The final, overarching benefit of homeowners insurance is that it gives you increased peace of mind. No matter what happens, you can rest assured that your home is protected. 

Even if you're forced to move out while repairs are underway, your insurance policy can cover this for you. 

Are You in Need of Affordable Homeowners Insurance Solutions?

Owning your own home can bring an immense sense of security. But one of the drawbacks of homeownership is that if anything happens to your property, you're the one who has to foot the bill. By taking out homeowners insurance, you can safeguard your primary dwelling, as well as your possessions and peace of mind. 

Are you looking for competitive homeowners insurance solutions? We can help. 

Browse our home coverage options today or contact us to get in touch with our team of insurance professionals.

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