Not Having Homeowners Insurance Can Turn a Small Incident into a Financial Nightmare

Not having homeowner’s insurance can turn a bad situation worse. Without home insurance coverage, fallen trees, electrical fires, and natural disasters could destroy your personal belongings and cost you everything. Don’t get caught without homeowners insurance! Enter your ZIP code below to find affordable coverage with free home insurance quotes.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Nov 5, 2020

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Homeowners insurance is more important than some home owners fully appreciate. In a matter of minutes your entire home and all of your personal property can be turned into rubble and strewn across vast areas. If that happened and you did not have home insurance, the cost of replacing it all would be an out of pocket expense. But with coverage, the amount of cash you have to spend is going to be minimal, or completely nonexistent.

A tree falling on the corner of your house could create thousands of dollars in damages. With homeowners insurance, you would have to pay the deductible, but the remaining cost of repairs and tree removal would be paid by your insurance company. This translates into spending a few hundred dollars with insurance as opposed to several thousands of dollars you would have to pay without it.

Another example would be a situation where a tree in your yard falls onto a neighboring property and causes damages or injuries. This would fall under the liability portion of a home insurance policy, but without insurance you would be responsible out of pocket. And the costs do not necessarily stop at repairing the damages or paying for the medical costs, either. Your neighbor could elect to file a lawsuit against you for an amount equal or greater than your home value. Insurance acts as a buffer to prevent someone from taking your property in a legal action, and without it
you are vulnerable.

While it is true that no homeowners policy covers every potential hazard, failing to have any coverage at all is tantamount to asking for problems. Insurance may sound like a gamble, but always keep in mind that even if you pay for homeowners coverage for years without filing any claims, a single claim against the policy can save you far in excess of all the premiums you had ever made.

If you currently don’t have coverage, compare free homeowners insurance quotes now and find a company that can provide adequate coverage for your home and your valuables.

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