Homeowners Insurance Is important!!!

Benjamin Franklin once said, "By failing to prepare you are preparing to fail." And never a truer statement was uttered that could be applied directly to homeowners insurance. Now it is unlikely that Benjamin Franklin had this in mind when he uttered his immortal words! But nevertheless if you fail to plan for the worst case scenario of what could happen to what is, for most of us, our biggest asset, then you are courting disaster.

Home owners insurance can cover a multitude of scenarios from fires of the physical building to the burglary of the contents and more. And is very adaptable according to the specifics of what it is you wish protected. For example different plans could cover lawsuits for people injured in your home, vandalism, or even animals rampaging through your home if you live near a wildlife park! So it is important to realise that it needn't just be the bricks and mortar that you protect, but also your valuable home contents.

Insurance can be a real boon when disaster strikes, and there is a lot of flexibility in how you structure any insurance plan.

Because home owners insurance is so adaptable it makes it very important to thoroughly read your plan, and be fully conversant as to the exact terms, and what you are and are not covered for. So for example flooding is typically NOT covered, and so if you live in an area where there is a possibility of flooding then you need to address that carefully in any home insurance quotes you get.

If in any doubt then question the companies closely as to different scenarios that you can forsee. For example, "Would I be covered if this happened?...".

Like any type of insurance the more comprehensive the cover the higher the price is likely to be. And you may need to decide on a balance between coverage and cost. If you live in the middle of the Arizona desert do you really need that add-on flooding cover for example?! But nevertheless, only you know what you need covered, and if it makes you feel better (and you are willing to pay for it) then go for it. That said, home owners insurance is not a luxury. It is a necessity for anyone who is shocked by facts such as that according to the US Fire Administration, in 2010 (the lastest year that figures are available as-of April 2012) there were 362,100 residential fires reported in the United States, with direct property losses in 2010 due to fires being $6.65 billion.

And that is just fires!

In 2010 the FBI compiled burglary data that showed Burglary offenses nationwide in 2010 were estimated at 2,159,878, with the FBI estimating that these were responsible for $4.6 billion of property losses.

And that figure is likely to only go up over the next few years. So the need for comprehensive homeowners insurance is becoming even more compelling