"A man's house is his castle." Lord Edward Coke's was probably speaking about an actual castle back then, but nowadays our homes (while less likely to be palaces) are still often the most valuable asset we own.
So homeowners insurance is a crucial way to protect your home from disaster. Unfortunately, homeowners insurance does not cover everything. With the holidays upon us, it's worth asking: Just which holiday mishaps are not covered by homeowners insurance? Is a 30-pound turkey dropped on a foot covered? How about a snow storm caving in your roof?
Alas, the most wonderful time of the year is also the worst time of the year for calamities and accidents. There are so many things that could go wrong, the holiday mishap possibilities are endless.
Here's a potential holiday mishap that may lead to some tears: A burglar breaks in and makes off with stolen presents from under the tree. Homeowners policies typically carry only $1,000 to $2,500 coverage for theft, a paltry figure that would likely find Santa at a loss to recover and replace stolen presents. How about a Christmas lights lighting the tree, and eventually the house, on fire? These things could quickly turn the night before Christmas into the nightmare before Christmas.
It's not a sexy, exciting gift. But one of the best gifts a homeowner can give this season may be an upgrade in their homeowners insurance policy in order to insure that the unthinkable is covered. Peace of mind, now that is the gift that keeps on giving. Remember that basic home insurance is often required when you buy a house. We're talking more about the type and nature of your coverage. Taking the time to review and possibly change their policy might be the way to avoid the grinch stealing Christmas.