We already know that sound finances is a prerequisite to buying a house, so if you are to sink in your money on such a big investment it only makes sense that you insure your property.
While getting home insurance will not help your home’s value to go up, not getting home insurance just to save on premiums is a foolish move. The small amount you save now on your home insurance premiums and put into other financial assets will earn you money, but that amount can be wiped clean by one untoward incident like fire, burglary, flooding, etc.
Remember that sound financial planning does not only think about increasing your assets but starts by protecting what you have. This also applies in your real estate investments. So do the smart thing and work on your home insurance details while working on closing the deal for your new home.
Image via Felix O