4 Situations Every Home Owner Fears

TomorrowMakers ™

4 Situations Every Home Owner Fears

28 September 2016
Most common things people are afraid of when they own a house.
 
 

You might have gone to lengths to protect your home- installed anti-burglar alarms, smoke alarms and fire extinguishers- but no matter how much you do, you are always on the lookout for new and improved ways to protect yourself and your family. Plus, you don’t want to return home one day only to find it in a completely unrecognisable state.

Related: Home buying mistakes to avoid [InfoGIF]

Here are 4 situations that all homeowners are afraid of:

  1. Fire- You probably always double check to see that you have turned the gas off and that there are no highly inflammable materials in the house. But one slip is all it takes. The worst part is that most items in your house would not survive a fire, be it a washing machine, cardboard boxes full of clothes, or important documents. Depending on the damage, a fire in your house could have great financial repercussions. The good news is however that even a basic insurance policy provides coverage against fire, you must insure your home against fire hazards.
     
  2. Theft-  What if you come back home one day and all your valuables are gone?  Are you sure that the expensive locking system is completely fool proof or that your security guard is trustworthy? Worse, what if it was an inside job- a house guest at a dinner party/ wedding celebration or your domestic help? Think about all those valuables and belongings, that you believed would be safe inside your house, such as the first laptop you ever bought, the television that has been there since your parents got married etc. Such a theft not only has a great financial impact but also has an emotional impact on your life. And no matter how much you try, there are several things that could go wrong and you could end up losing a lot if your home is not insured.  A basic home insurance policy not only provides protection to your home, but also to the contents of your house.

Related: Dummy’s Guide to Home Insurance

  1. Earthquakes and other natural disasters- Natural disasters or Acts of God are elements that are outside your control such as earthquakes, floods, tsunamis, etc. There is absolutely no way to ensure that they don’t cause any damage to your house. But when they do strike, they can end up causing a lot of damage to the structure of the house. Such disasters could potentially render you homeless and you will be left with no other option but to rebuild your house and start everything from scratch. Arranging funds in such dire circumstances can be quite difficult. Not only is this, but if it is a minor disaster it could still end up deeply damaging the foundation. Additionally, it could cause damage to the contents of your house. It is prudent to check if your home is located in a disaster-prone area before you choose a place to live or rent.

Related: What is an Act of God? How you can safeguard yourself against it? [Infographic]

  1. Injury to others- The last thing you want is for someone to suffer any bodily harm when on your property. Maybe you remember that there is that one step on your staircase that’s broken, but do your guests know this? Or your domestic help? It is only fair that if someone suffers from an injury due to your negligence or in your house, you pay for it. A home insurance also covers you on that front. Some basic home insurance policies sometimes come with this feature or you can always add a rider for ‘third party liability’.

Despite having done the extra bit to protect your home, you might have found yourself wondering if you have done enough. The one way to put your mind at ease is to get home insurance. Even though it won’t eliminate all chances of any damage to your property, it will cushion you from the financial blows in case something goes wrong.

 
Market Quotes by TradingView

Words of Wisdom from Financial Stalwarts

POLL

 

MOST VIEWED CONTENT

How does GST impact your wallet?

How does GST impact your wallet?

Deemed as the biggest tax reform, what does GST have in store for your finances?

6 Documents that must be linked with your Aadhaar card

6 Documents that must be linked with your Aadhaar card

There are several documents you need to link to your Aadhaar card. Here’s what you must know about them.

Lazy investor's guide to investment [eBook]

Lazy investor's guide to investment [eBook]

Want to invest but don't know where to start? Here's all you need to know

6 Simple ways to cut down expenses on doctors and healthcare

6 Simple ways to cut down expenses on doctors and healthcare

We, generally, tend to spend a lot on healthcare- doctors, hospitals, medicines etc. Here are a few tips to save on your medical expenses.

Short term investment options for high returns

Short term investment options for high returns

Looking to earn maximum returns in a quick and easy manner? Find out 6 investment option on how exactly you can do short term investment to get high returns.

All about IPOs in India

All about IPOs in India

Investing in IPOs can bring financial success in the future. But before doing so, here are some things you should know.

Hacks to improve your financial situation: A guide for women

Hacks to improve your financial situation: A guide for women

You cannot deny that women’s financial requirements are different from men’s. So, let us look some of the smart money choices that you should make as a woman.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER