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Most homeowners in Calgary have reported that buying a home is the biggest investment they have ever made in their life. It takes a considerable amount of time and discipline to save enough money to qualify to take a mortgage to buy a house in Calgary. That is why most homeowners usually go a step further and take Calgary home insurance to secure their hard-earned assets. However, like other types of insurance, home insurance has its pros and cons. In this article, we will highlight the advantages and disadvantages of taking home insurance to help you make a wise decision.
What is home insurance?
Before we highlight the pros and cons of home insurance, let us first discuss what home insurance is. As the name suggests, home insurance is a form of insurance policy that covers losses and damages to an individual home in the event of a disaster or accident. This insurance covers most expenses that occur when something accidental or unexpected happens to your home and/or your belongings. Home insurance mainly covers four types of damage including exterior damage, interior damage, injuries that occur while on the property, and loss or damage or personal belonging/assets.
Benefits of a home insurance
- Extensive protection of the main structure
Perhaps the biggest benefit of taking Calgary home insurance is that it protects you against incurring losses in case your home gets damaged by a man-made or natural disaster. When you take this insurance, then you are sure that your home’s main structure is protected. This means that in case your house gets damaged by fire or flood, hurricane, or any other thing, you will not spend even a cent to have it fixed. Instead, your home insurance cover will take care of all costs.
- It protects your personal belongings
Another benefit of taking home insurance from a reputable home insurance broker Calgary is that it protects your personal belongings like electrical appliances, furniture, electrical items, jewelry, and much more that may be lost or damaged due to fire, theft or any natural calamity that may occur.
- It protects you against third-party liability
In the unfortunate event that someone gets injured while on your property, Calgary home insurance will protect you from being held legally liable to pay the costs of the individual medical bills. This is beneficial because medications are expensive and could cost you thousands of dollars. Home insurance will also cover all your legal costs, in case the matter is taken to court. However, the amount being covered will depend on the policy that you have taken.
- It covers your cost of living
If a natural disaster either man-made or natural such as fire, flood, or earthquake strikes, damages your property, and forces you to move to another place, then home insurance will take care of any additional living expenses that you may incur. For example, if you move to a hotel temporarily while your home is being repaired, Calgary home insurance will cover the costs.
Disadvantages of home insurance
One of the main reasons why many homeowners in Calgary don’t have home insurance despite knowing its benefits is that it is very expensive. The premium that needs to be paid each month is quite high for most homeowners. In most cases, the cost of maintaining a home insurance policy is usually quite substantial. However, if you consult a reputable home insurance broker Calgary, you can get home insurance with favorable terms.
- It does not cover everything
Contrary to what most homeowners believe, home insurance does not cover every type of damage that your home may sustain. Some damages caused by floods and storms may not be covered by the policy. That is why it is important to read every detail in your policy to avoid unnecessary surprises.
Some home insurance policies may have hidden costs that are deeply hidden in terms and conditions. That is why it is important to work with a reliable home insurance broker Calgary who will point out any hidden costs and allow you to negotiate.
From the above article, it is clear that the advantages of having a home insurance outweighs the disadvantages. This means that having a Calgary home insurance is a good thing. It is the best way to secure your hard-earned property. But if you want to get best deal, ensure that you work with a reliable home insurance broker Calgary.