3 Ways to Protect Your Investment in Your New Home

by - 3/13/2019 01:13:00 AM

Owning a home is a major milestone in life. For most homeowners, this huge life purchase happens only once. However, for others, it happens several times for many reasons. Homes are always experiencing issues such as repairs, wear and tear, and even damages due to the weather. It would be best if you avoided gambling with such a big investment and in fact, take steps to protect it. This will help you keep your home intact and even maintain or increase its value without breaking the bank. It also helps you stay afloat after effects from serious calamities. To protect your new home, apply these three options below:

1)    Get Home Warranty

A home warranty is a service that helps you cover repairs and replacements in your home for major systems and appliances. As a homeowner, you get to pay premiums depending on your plan of choice to a home warranty company. In return, they will pay for the repairs and replacements needed.

The service and terms of home insurance plans vary from one company to another. Some companies may cover repairs and replacements of the systems or appliances only while others may cover both. While some plans cover all repairs, some come with limitations. Most of these limitations are in terms of the repair amounts spent for one system or on all systems over a certain period. Before taking up a plan, make sure you know what it covers.

2)    Get a Home Insurance

Just like any other investment such as cars and business, a house is also an investment. It would be best if you insured it to reduce losses in case of any eventuality. Home insurances safeguard your home properties from theft, malicious damages, accidents, and natural calamities. The cover safeguards furniture, fittings, electronic equipment and appliances, clothes and systems too.

Home insurance plans can be general or specific. You can choose to insure for all calamities that may arise or for a specific type of calamity. There are different providers and plans available. You should compare the plans and choose the most suitable for you. It is crucial, to tell the truth when it comes to listing your items and their worth. Most homeowners fail to disclose such information to avoid paying high premiums. This honesty clause helps you get back to your previous position after a calamity, as the value paid by insurers is equal to your losses.

3)    Safety Measures

Homes also need to be safe enough to live in and even when you are away. Get the right doors and locks to keep burglars at bay. Also, consider getting alarms and cameras to enhance security. To keep your house from catching fire, keep flammable items and content away from children and in safe places. Electronic appliances and gas should be turned off to avoid unnecessary accidents. You can also control the amount of dirt and smoke in your house to ensure you get to keep your items hygienic and usable for longer. Additionally, carry out house inspections regularly to ensure everything is intact and repairs necessary are carried out.

You May Also Like