Published On: Wed, Apr 13th, 2016

5 Reasons You Need a Homeowners Insurance with Good Liability Coverage

For many homeowners today, homeowners insurance is regarded as a necessary evil. Lenders may even require it for first-time home buyers or those with questionable credit scores. But what gets overlooked here is the value of homeowners insurance itself – especially policies that come with good liability coverage.

Homeowners insurance is designed to be protective to the homeowner. For example, if someone falls on your front porch or you get robbed, you can turn to your homeowners insurance policy for reimbursement of claims or damages. In this post, learn about the five key reasons why you actually do need your homeowners insurance, and especially the liability coverage it provides!

Reason #1: You won’t have to bear the full financial brunt of unanticipated repairs.
If there is one thing no one can predict in life, it is nature. Say a natural disaster causes a tree to smash in your roof. Unless you have a very plush emergency fund, you may find yourself in sudden financial dire straits to make the repairs on your own.

Here is where your homeowners liability insurance comes into play. You will have the coverage you need to pay for the repairs and make your home livable again in short order.

Reason #2: You are protected when you have visitors to your home.
Whether it is a salesperson who shows up unsolicited or your dearest relative or friend, what happens if someone trips and falls on your property and decides to sue you?

Liability coverage is what will protect you from bearing the full impact of damages, including medical bills and lawsuits.

photo supplied, courtesy of guest blogging network

photo supplied, courtesy of guest blogging network

Reason #3: Your investment into your own property is protected.
Every little upgrade, repair and update you make while you own your property can potentially add to its resale value – provided it is protected under your homeowners policy.

For example, let’s say you decide to build a garage apartment above your garage. This could raise the value of your property in all kinds of ways and also provide you with an additional revenue stream if you decide to open it to rental tenants.

But then maybe a storm comes along and damages your new addition. Without homeowners insurance that includes a good liability coverage level, if you sustain damage to your own repairs, improvements or additions, you may not have the funds to repair or replace those, which means all your hard work to increase your property’s value will go to waste.

Reason #4: You can run a business out of your home without additional risk.
The popularity of home-based businesses today is on the rise. More and more entrepreneurs are launching micro-enterprises out of their home offices, some of which have achieved runaway success!

But when you bring your business into your home, your potential liability increases along with your profits. For this reason, it becomes just that much more important to ensure you have a comprehensive homeowners insurance policy, complete with good liability coverage for future unknowns you may encounter.

Reason #5: Liability is the number one risk any homeowner bears today.
Without sufficient liability insurance, you wake up every single morning and risk everything you have worked so hard to build. It is for this reason that some homeowners take out an additional umbrella liability policy as well.

These five reasons represent just some of the reasons why it is critical to maintain a homeowners insurance policy that includes good liability coverage. By protecting your hard work and your investment, you protect your own future as well.

Guest Author: Michael Rogers

On the DISPATCH: Headlines  Local  Opinion

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