We have all asked ourselves the questions why is home insurance important? or do I really need to have home insurance? I have to admit there have been times when I have asked myself these questions. Especially, when I am looking for renewal quotes. Year after year, especially now when cost of living is so high. Which is why I always try to see if I can find way to reduce insurance premium.
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Why I Always Make Sure I am Insured
Years ago, C must have been about 6 years old. It was the day before my birthday and we were over friends. We came home and I walked in the house, and not realising at first I could see something wasn’t right. When it had sunk in, I realised we had been burgled. They had taken tvs, laptops money, jewellery and all my birthday cards and presents. Plus my husbands camera and all his lenses.
C was scared, my husband was luckily outside as he was popping out again. I called him in and we went upstairs and everything had been turned over. It was a complete mess, we called the police who came to assess. Plus our friends came over to take C back to theirs as she was scared.
We were told not to touch anything, and the next day a team came to dust for clues. I remember getting upset as I had touched the handrail to the stairs plus some of the things in the kitchen. They assured me that was fine, they did find a foot print on my worktop and could tell the size of the shoe and make.
We obviously put in a claim and they queried all the camera equipment, as it was all professional equipment, Luckily my husband had all receipts, boxes and on pictures he had uploaded it showed what lens he had used. We were so grateful we did have insurance.
You Never Know When You Will Need It
The true fact is we do need insurance, as you just never know what is around the corner, such as –
- Home Insurance – not just for burglaries, you need to insure for buildings and contents
- Life Insurance – You need to make sure your family is protected should the need arise
- Travel Insurance – Protecting not only your luggage and valuables. But also you if you become ill
- Car Insurance – I always moan about this, but you may remember back in November when a car went into the back of me. I was parked with engine off. If I had not had insurance I would be out of pocket as my car was written off. Plus it is illegal not to have it.
The truth is you never know when you may need insurance, if at all. You have insurance to cover you in case you are ever in a position to need to make a claim.
A recent Survey from HSBC
Reasons for and against home insurance (expensive, confusing, comforting, etc…)
• 30% say it is expensive
• 18% say it is comforting
• 41% say it gives them peace of mind
• 49% say it is necessary
• 31% say it is reassuring
How much time the average person spends researching.
• 47% up to 1 hour,
• 17% 1-2 hours
• 7% 1 day to 1 week
Where they do their research, if at all.
• 60% use price comparison websites,
• 16% recommendations
• 12% customer reviews
What’s most important to them if they do select an insurer (price, quality of cover, etc…)
• 69% say price,
• 71% say quality of cover
• 38% say reputation
Even for those who have purchased, do they understand what they’re buying?
• 72% say they understand what they have purchased
• 10% say they do not understand
Finally, have you made a claim before.
• 61% of respondents have not made a claim before
Are you fully insured? Or do you think of it as an unnecessary expense?
Before I started my own family I must admit I never bothered with insurance. But now for my family’s sake, we have home insurance, life insurance and we always get travel insurance too
I have always had insurance, but that probably comes from working in a banking environment for many years
must admit I never skimp on insurance – as you say you never know when you’ll need it
It is the one thing you should always have
We have always had home insurance as we can’t afford to replace everything we have.
We have as well, it is the one thing I always make sure we have and have notifications for when I need to start looking again
Insurance is crucial because it keeps your protected in the event that something happens to your home. Everyone definitely needs to have it.
I agree and have been in the positionn where we have needed to make a claim as well
All home owners should have a home insurance as it’ll cover everything and keep you safe! We have life insurance for now. I am thinking of getting a travel insurance also before our next trip .
It is important, I always have travel insurance and buy as and when we go away
Your story brought back memories when my friend’s house was burgled but her house insurance had expired so she could not claim any loss/damages. So important to have the home insured
Oh no that must have been awful for her, it is bad enough when you are covered. I always set reminders for when ours is due so I can keep on top of it
That’s a very informative post. Home insurance is really so important to have.
Thank you, it is important and should never be compromised
I don’t even want to think about what may happen if we got burgled but didn’t have contents insurance. There are so many things that we just couldn’t afford to replace. That’s so scary that you were burgled all those years ago x
We could not have replaced what was taken if we had not had it, I got very down especially when I thought they were thinking we were lying over what was taken like my husbands photography equipment and had someone come out to see us. His whole manner changed when he saw we were telling the truth and did have more than enough proof we owned these items.
In my state, and perhaps all of the United States, the mortgage company will insure if homeowner doesn’t.
That is a great idea, as it is so important
Very important. I have always had it especially living on the water it’s important to have insurance. Thanks for sharing!
It is the one outgoing some people do let go first and it is just as important as paying your rent or mortgage.
I have home insurance but I don’t really know what it covers and what it doesn’t as I have never read the fine print. Maybe I should. I had to do it when I rented my house, and from what I remember, they did ask a long series of questions about all the valuable items I have, so I assume they are insured.
I would always look at what is covered and also making sure everything is covered properly if damaged/lost or stolen
In this day and age, it’s safer to have a home life and travel insurance for your own peace of mind and to cover you just in case. We have all of those and where possible we shop around to get the best offers available. It’s very scary when your home is broken into and the knock-on effect can be long-lasting.
I always moan about insurance no matter what it is, but will never not have it. We shop around as well and then check it covers for everything we want as cheaper is not always the best option
we are a very low income but make sure thay we have contenys insurance, we have heard so many horror stories where people have lost so much.
When finances are tight, you can think cutting out insurance is the way to save. As we found out you just never know what is going to happen and being prepared and having insurance is much more cost effective than having to replace everything yourself
We are insured, and also for accidental damge such as falling through the ceiling when in the loft!
We have accidental damage as well, we also have freezer contents covered which we had to use once when our freezer broke
I know it can be a pain to pay insurance sometimes but it’s so important to have them. You never know when you need them.
Exactly, insurance is the one thing I moan about, then in the next sentence will say but we need it just in case.
So important to have! Anything can happen and it is always good to know you’ll still be safe.
It is true you never know what will happen, insurance does help if you ever find yourself in the position to make a claim
We will be buying our first house in a few months, we’re scared but also excited! Home insurance is a must for sure.
It is exciting buying your first home, insurance is so important not just for burglaries but also damage
So important to have home insurance. It covers things like my daughter’s cello as well. It is a must to have coverage.
It is and does give peace of mind