Unlike car insurance, which is required to drive a car in Trinidad and Tobago, home insurance comes down to the owner of the property. It’s a personal decision, up to the discretion of the individual.
However, most people choose to insure their homes due to the potential for extreme financial loss if they don’t. Buying insurance is all about weighing risks versus rewards: you pay an annual premium to your provider whether something has happened to your house or not. But then, when you need a payout for losses sustained in a disaster, for example, your provider is there for you.
At Shyft, we never recommend going without home insurance in Trinidad. We also understand that some people choose not to own policies for their properties.
Here are some details on what happens if you don’t have home insurance.
1. All Damages Become Your Responsibility
The first and most obvious risk of not have a homeowner’s insurance policy is that all damage to your home is your financial responsibility alone. If a storm blows through and tears off half your roof, then you must pay to have it repaired. This could cost you thousands of dollars that you might not have readily available.
Meanwhile, with insurance, you would pay your deductible first, and then your insurance provider would pick up the rest. It’s that simple.
2. Theft Can Permanently Rob You of Possessions
Unfortunately, home burglaries can happen anywhere and at any time. If someone breaks into your house and steals your expensive electronics or furniture pieces, you alone will be responsible for the financial loss. It likely took you years to build up the things you have in your house, and you may not have the money to replace everything you lose all at once. This can leave you in an inconvenient place that could have been prevented with contents insurance coverage for those possessions.
3. People Can Get Hurt on Your Property and Sue
Our final argument here in favor of owning home insurance is regarding cases of people getting injured on your property. Ordinarily, if someone does get hurt while on your property and incurs substantial medical bills, your home insurance is there to provide the payout.
Without this protection, you can be sued for a lot of money. As in both previous points, home insurance is simply the smarter option here. You pay your premiums for the peace of mind of knowing that you are financially protected in all circumstances.
Compare Home Insurance Quotes and Save with Shyft
When it comes time to shop for home insurance in Trinidad, Shyft wants to be there for you. Our comparison tool lets users see all available insurance quotes based on the information they entered. Best of all, there is no cost to you to use our services!
Comparison software such as ours can help both the first-time insurance shopper or the homeowner looking for a better rate.
Let us help you save money on your insurance. Compare home insurance quotes today with Shyft.