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April 20, 2021

Home Insurance: Is it Worth it?

The first time people thought about property insurance, or what had the semblance of it, was in 1666, after the Great Fire of London had devoured approximately thirteen thousand houses in London. The effects of the fire were so dramatic that risk management as regards property  became an absolute necessity. Though efforts to insure houses were initially futile, in 1681 the first home (or property) insurance company was founded.

As with everything, with time, insurance companies evolved to what we have today in the twenty-first century. Though the first records  about insurance generally date back to the third and second millennium BC, the ideas it had then and now are pretty much the same ( risk management) but with more effective methods of execution.

If home insurance has been around for centuries , what then are home insurance pros and cons? Which outweighs the other, the pros or the cons? Are investments in home insurance worth it? Read through to find out. But first, what is insurance?

What is Insurance?

In a heartbeat, a general definition of  insurance is a means of protection from financial loss. A more detailed definition according to Oxford is, “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.”

The Pros of Home Insurance

With a home insurance policy, your mind will always be at ease no matter what happens to your home. It gives you a certain security, a wave of relief that there is someone who would help you with all home related issues if such a need arises.

In a case of theft, vandalism, or natural disaster especially flood, a home insurance policy covers all of these things, making damage management easier for you as an insurance policy holder.

Say someone gets injured on your property or is involved in an accident on your property, there is a great probability that you will be held responsible for that accident. Home Insurance covers all forms of personal liability.

When you apply for a loan from a bank  and  your home serves as  a mortgage, most banks require that your home is insured else your loan application will never be considered. Hence, a home insurance policy helps you stand a better chance for acquiring a loan.

Cons of Home Insurance

Asides the factors that affect the rate of insurance premiums ranging from state of residence, credit score, claims history, coverage amount, and the condition of the home, the only con that may be associated with investing in home insurance  is choosing an insurance company that isn’t reputable. This is the more reason why one has to thoroughly research before choosing any insurance company.

Is home insurance worth it? Definitely. Does it have cons? Surely it does, but the pros outweigh the cons by far. Hence if you are looking for a healthy real estate investment, home insurance should be the first place you should look.

Posted in Home InsuranceTagged ,,

Get to Know The Benefits Of Car Insurance

Insurance

As we know insurance is something that is very important for us to have as our guarantor if at any time we suffer losses due to an incident. Most of our society considers insurance is not really needed. Besides having to pay insurance and premiums issued almost every month.

Whatever the reason, that car insurance is one of the most useful insurance products in the future. Do not believe? Check out the reviews of the following three insurance benefits.

Reducing Mind Burden

For those of you who already have a car, of course. Have felt a concern when you have to leave the house and car for a long time without supervision. This kind of condition certainly triggers anxiety that results in discomfort in enjoying a vacation.

Burden of mind like that, of course, you will not experience when you have bought an insurance policy. insurance will cover losses for the risks you experience. With such guarantees, you can travel anywhere and as long as anything in peace.

Minimizing the Economic Burden

Having a car is not necessarily a person’s life is far more than enough. Although included in the category of valuable assets. Ownership of the car may be only to meet the wants or needs that are not a priority. Though there are still other needs that are far more important to be fulfilled.

Have you ever imagined, when you have to meet your priority needs, you suddenly have an accident that has an impact on your spending swell instantly? The incident could have made you have to pay a price that is not small to repair your car and could be for medical expenses if you also experience the risk of the accident.

Well, this is where insurance will take its role! The insurance policy that you buy will bear the risk of accidents that occur. That way, you can still meet your priority needs without the excess economic burden when you can’t avoid a car accident.

Free from Third Party Dependents

As a reliable car owner and driver, of course, you will be very careful when driving to avoid any danger. However, whose names are on the streets, various possible risks can occur.

When for example accidents cannot be avoided there are also several possibilities that you should pay attention to. It becomes better indeed if the accident you experience is a single accident. Because, this event only requires you to bear the costs for yourself, including dependents on the risks experienced by the car.

Choose insurance that is easily understood by you, both from the calculation of claims and so forth. Think of it as savings to protect our vehicles, not just to own luxury goods.…

Posted in Auto Insurance

Life Insurance Benefits You Need to Know

Life Insurance

Just a few years of work and still single, do you need life insurance?. Before knowing the answer, let’s first get to know this insurance. Life insurance provides protection against the risk of financial loss due to the death of family members who are a source of family income. As we know, death is something we cannot expect and can happen to anyone regardless of age.

So according to you, how important is life insurance? So as not to misunderstand again, before buying these products here are 6 life insurance benefits that are important for you to know as a beginner in general.

Benefits of Soul Insurance As Investment

When buying an insurance policy you will get a guaranteed return on investment at the end of the contract. In general, the coverage period provided for insurance is more flexible, ranging from 5 to 10 years. You can choose a 10-year payment term so that the benefits of life insurance as an investment are more pronounced.

 Insurance Can Give Peace

Everyone will want a sense of comfort and calm in facing various problems. Like having an emergency fund when the backbone of a family is no longer a financial support.

Insurance Minimize Loss

Life insurance benefits can indeed be felt when experiencing an urgent condition. Like facing the risk of death that can harm many parties. However, in these conditions insurance will greatly help overcome the losses incurred. This is what will make the family more relaxed to face it.

Insurance in Financial Settings

If you are not one of those who plan for the future of life insurance, you can help with financial arrangements. Indirectly, you are forced to set aside income so you can pay for insurance. Therefore, you will be more efficient and wise in managing finances.

Insurance As A Future Savings

Paying insurance in the long term is the same as saving without taking funds. So, when you will take these funds at the end of the contract the results will be very satisfying. Don’t forget, also adjust to your ability to pay premiums.

Everyone certainly does not want bad and unexpected risks to occur in life. However, we cannot predict the situation. You just need to learn to prepare yourself to face the situation. Feel the benefits of life insurance in making it easier to face unexpected risks. may be useful…

Posted in insurance life