Reasons Why You Would Need Homeowners Insurance
Your home is one of the most significant investments in your lifetime and needs to be protected from natural disasters or any other tragic event. Homeowners insurance ensures that damages caused by fire, vandalism or theft are covered. Additional coverages also include damages if someone gets injured on your property. While buying home insurance, make sure the coverage includes replacement costs if there is severe damage or loss of personal property. Count on Hillis Insurance Agencies Ltd. for homeowner's insurance services in Winnipeg. We have been serving customers with property insurance and provincial auto insurance since 1963.
Reasons to Buy Homeowners Insurance
Home insurance helps you cope with financial losses against severe weather conditions or theft.
Purchasing a homeowners’ insurance policy can:
- Safeguard Your Home and Belongings
A basic homeowner's policy protects property from burglary, fire, and unforeseen events such tornadoes and wind damage. Repairs and replacements of the damaged part of the property will be taken care of by insurance. Choose homeowners' insurance coverage that provides additional living expenses, such as living in a hotel, if your home is temporarily repaired or uninhabitable.
- Protect You From Liabilities
Homeowners' insurance policy can also cover the expenses if anyone is injured on your property. Standard home insurance policy will include personal liability coverage that protects you against legal, repair or medical bills if you accidentally damage someone's property or injure someone. Liability coverage can also cover lost wages if the injured person can't work for the time being. Another coverage includes paying medical bills in case a guest is injured on your property.
- Help the Mortgage Lender
Most lenders look for home insurance policy as it protects your property from vandalism or severe weather conditions. The coverage will depend on your mortgage. Your lender will want you to carry enough insurance against the amount of the mortgage to safeguard the lender’s investment.
- Help You Replace Your Possessions
Additional coverage will also offer reimbursement in case of damages or theft of personal belongings, such as appliances, clothing, electronics or furniture. While renewing your policy, read the policy terms regarding actual cash value and replacement cost value to get the most out of your insurance. With actual cash value, you receive the amount that you expect to obtain after selling the items minus the depreciation cost. Replacement coverage is more expensive than the actual value and replaces your items with the cost required to buy new items.
- Protect Your Equity
Home equity is the market value of your property. Your home equity is protected through homeowners' insurance. Improving the property with renovations can increase your home equity.
Homeowner's insurance costs will vary depending on the location and age of your home. Other factors that affect the insurance rates are home construction, marital status, and whether you have a pool or a trampoline. Get in touch with Hillis Insurance Agencies Ltd. for commercial and residential property insurance services. Our insurance brokers have many years of experience and will get you the ideal insurance services that meet your needs. We also offer tenant's insurance, small business, condominium and cottage insurance.
Contact us today for homeowners' insurance throughout Winnipeg and the surrounding areas.