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Top 3 reasons for homeowners insurance

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For the sake of keeping up with the Joneses, many Americans have homes filled with valuables.

Whether the valuables are sentimental, a family heirloom or the latest advancement in technology, they're certainly important items most people wish to keep padded and protected in the safety of their own homes. 

While many different types of insurance are usually necessary for a well-rounded, comprehensive approach to asset protection, homeowners should be especially vigilant of their policies and how they help to ensure a safe, lasting home. 

Here are three top reasons why homeowners need insurance:

  1. Lower monthly premiums: Compared to other types of insurance, homeowners can get relatively low monthly rates that vary by region. Because homes have generally low rates of incidents, as compared to a car that is used to commute every day, insurance companies often offer policies at reduced rates so it can still be a viable option for homeowners, according to Street Directory. Of course, rates for a house boat versus rates for a lavish penthouse will differ. However, the coverage and its importance remains the same. An investment in a home is an investment in the future.
  2. Covers liability: It's bad enough to invite a guest only to have him or her become injured on the property, but being held liable for his or her medical bills is worse. Homeowners insurance protects the property owner from any legal liability if the accident is caused by him or her, a pet or family member. For example, if a friend is invited over and he or she is tripped by the owner's dog, resulting in a broken ankle, the homeowner's insurance would cover the legal responsibility of the claim. 
  3. House won't get too under the weather: Another perk to homeowners insurance is the dwelling coverage, a layer of protection added to guard homes against structural property damage that can arise as the result of severe adverse weather. Illinois residents are calling upon their insurance providers to help guide them as they rebuild their lives following a Nov. 17 blanket of tornadoes that caused significant damage throughout the Midwest, according to the New York Daily News. A recent report by the WorldWatch Institute revealed data that supports an increasingly hostile climate change that could increase the number of homes negatively affected by droughts and storms.  

Homeowners need to be aware of the reasons to have insurance policies that cover homes, especially amid a shifting climate. 

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