What is Home Insurance and why do you need it? | Farrell Agencies

What is Home Insurance and why do you need it?

Posted by Farrell Agencies on January 27, 2020

What is Home Insurance and why do you need it?

Home insurance is one of the most important forms of insurance for any homeowner.  Although many may cringe at the thought of putting money every month into something intangible, home insurance is worth it when you need it.  Someone wise once told me, “Home insurance is the best money you will ever spend on something you hope you will never need”.  I appreciated that sentiment and thought I should pass it along to anyone who is considering purchasing home insurance (heck, to anyone who is considering purchasing a home!)


Home Insurance (or homeowners insurance) is exactly what it sounds like: insurance for your home.  You may notice it is not called “house insurance”.  This is because you are not simply purchasing insurance for your house.  Home insurance covers what makes your house your home.  It can help repair or replace your home AND your belongings when they are damaged by things such as fire, flooding, or hail.  Home insurance can also cover things such as theft and vandalism when others don’t respect your home.


Thinking about investing in a property to call your very own?  Home insurance gives you the piece of mind to take that leap without all of the terrifying “what if’s” that come with it.  Accidents can happen, weather can do a great deal of damage, and sometimes bad luck is all we can blame for the problems that arise in our homes.  Home insurance protects you from footing an unexpected, often hefty bill.


Home insurance covers your personal belongings.  You read it above and you’re reading it again; home insurance can reimburse you for damaged belongings when they are destroyed by a covered menace, such as fires, flooding, tornadoes or extreme storms.  Furniture, electronics, jewelry, and more can be covered and your home owners insurance will reimburse you for the value of your items.  Home insurance can also reimburse you for stolen belongings and often protect those items, no matter where they are- so whether you’re getting your sweat on at the gym, dropping your little ones off at daycare, or just out for a nice meal with the ones you love, your insurance has your back.


If tragedy strikes, home insurance generally includes temporary housing.  This one is so much more important than one would think.  If your home is torn to pieces in a tornado, or crumbles to the ground in flames, it’s crucial to have somewhere to go.  Home insurance guarantees you will be safe and taken care of during this unthinkable time- helping to pay for a portion of temporary living costs, such as hotel expenses, storage space for your personal items, and food.  Mother Nature doesn’t always play nice, especially in the Canadian winters, so we all need to be prepared.


Farrell Agencies offers exceptional services to their clients with all lines of insurance, risk management services, and claims support to make sure you get the piece of mind you deserve.  Check out Farrell Agencies’ online estimated quote for your home insurance policy!

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