By financen | December 4, 2017 - 5:17 pm - Posted in Insurance

Part of being an adult is getting insurance. Many adults have health insurance, life insurance, and car insurance. Insurance is expensive, especially when you’re paying for multiple policies, but homeowners should really consider getting even more.

Homeowners insurance may be required of you if you buy a house (usually unless you pay for the house with cash). This will keep you from being destitute if you house is damaged or destroyed in the most common ways. But this is not the only insurance type that you could benefit from. In fact, there are some forms of insurance which you may notice the benefit of even more than your homeowners insurance policy. Here are three.

Home Warranty – Not often thought of as an insurance type per se, home warranties have all the basic earmarks of insurance: coverage of certain things in your home, specific term limits, and a deductible to be paid every time you use it. Home warranties are often made available to people when they buy their home. The warranty will cover things like appliances. If one breaks, you can just call up the home warranty company, and they’ll send someone over to repair or replace it, usually for a deductible of around $100. If you use your home warranty even once or twice a year, the policy will probably pay for itself. What’s more, you can renew the warranty indefinitely, which is a major boon to people who own aging houses in the long term.

Life Insurance – There’s nothing that makes you feel like an adult more than buying life insurance. The best life insurance companies offer peace of mind for you and security for the people in life that mean the most to you. Life insurance is very handy if there is a mortgage that depends on your income. If you were to unfortunately pass away unexpectedly, then the mortgage might go unpaid and your family might lose the house. If for no other reason, get life insurance because you are a homeowner, but also consider the other many benefits life insurance offers to an individual with loved ones and/or dependents.

Interior and Exterior Line Coverage – If you live in a municipality, chances are you are responsible for the underground water pipes that extend from your home’s exterior to the street. In many cities, these water pipes are old and brittle. Trees roots can go through them. Erosion can expose them. Rust can wear them away. If such a pipe breaks, it can be thousands of dollars to have the thing dug up and replaced. Don’t risk thousands of dollars on a simple catastrophe that is almost certain to happen at some time in the future. At only a few dollars a month, this could save you big down the road. Interior line coverage is also available, but your home warranty may cover this if you have one.

Being a homeowner brings many responsibilities into your life. Consider these three forms of insurance so that you can handle your responsibilities in the best way possible no matter what happens.

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