It is officially the beginning of the holiday season, and everyone is looking forward to a magical Christmas with their loved ones. But with all the festivities and excitement, it’s important to remember to protect your home.
After all, nothing could be worse than a holiday disaster that could ruin the joy and cheer of this special season. Even if you are not hosting, you could be a victim of unfortunate events at home. These risks could occur at any point due to decorations, cooking, guests, lack of security or the environment.
That’s why home insurance is the perfect protection plan to recover from possible holiday home risks and have a safe and merry Christmas. The article will highlight why home insurance during the holidays is vital for home, belongings and loved ones.
What Is Home Insurance?
Home insurance during the holidays is more important than people believe. Home insurance covers financial loss when something unexpected or accidental happens to your home and belongings. The insurance will reimburse the costs to repair or replace to help policyholders recover with a significantly reduced financial burden.
During the holidays, home risks are high and common. Many homeowners or renters get carried away with festive joy, forget to protect their homes, and are unaware of the dangers. Hence, all homeowners, tenants and landlords need home insurance before they face any holiday home disaster.
Even if you have home insurance, it is vital to check if it is up-to-date and still valid through the holiday season.
Why Do You Need Home Insurance During the Holidays?
Christmas Fire Risks
Everyone should be aware of fire hazards during the holidays. Fires are a threat that can seriously damage a home and, more importantly, burn someone.
Common causes of fires during the Christmas holidays are decorations, electrical issues, candles, cooking fires, and even heaters. Just in case, it might be a good time to keep a fire extinguisher handy nearby. However, some fires grow quickly and need an urgent call to the fire department. The fire department will help stop the fire, but a lot may be seriously damaged by then.
Fire damage cover is a vital reason for home insurance during the holidays. The insurance will help the policyholder recover by providing the costs to repair the home and replace damaged belongings. Certain insurance policies may also offer financial assistance to move into a temporary home till everything is restored.
Holiday fires can occur at any point and in any home; hence, it is better to be safe than sorry with home insurance.
Theft While You Are Away
The Grinch who plans to steal Christmas may be fictional, but criminals sadly are not. An empty home is at high risk from criminals during the holidays, no matter where.
Criminals love the holidays due to the number of empty homes in every area. There are ways to prevent break-ins with suitable security measures. Unfortunately, sometimes criminals still find a way to break into homes, even apartments.
There have already been 950 break-ins and burglaries registered from January to September 2023 in Hong Kong, and there will be more during the holidays. Criminals can steal anything from electronics to jewellery and more. It is an unlucky situation, especially when you have to cut the vacation short.
Home insurance during the holidays will help replace the stolen belongings and recover from the disaster. However, the insurance coverage will depend on the area and safety of the home. The insurance may not cover homes that do not have the proper security and high crime rates in the area.
In addition, the landlord’s home insurance will not cover a tenant’s stolen belongings. Hence, both parties must have their own tailored insurance policy.
Gifts are a big part of the Christmas holidays. The gifts are bought weeks in advance and placed under the Christmas tree a few days before Christmas. Due to home burglary and fires, gifts might be stolen or damaged.
Stolen or damaged gifts can ruin the holidays, especially when gifts are expensive. Christmas gifts could range from toys to jewellery and even costly electronics. Hence, the financial loss can be huge.
Gift protection is another benefit of home insurance during the holidays. Home insurance can cover gifts when the policyholder adds them to their policy. Therefore, the policy will cover the cost of repair or replacement due to unpredictable damage or loss.
Adding specific gifts to your policy can protect them during the holiday and until the policy is valid.
When hosting a Christmas party, there is a flow of guests, such as relatives, friends and even neighbours. Hosting is stressful enough with the entertaining; most wouldn’t even consider a lawsuit to be part of that stress.
Yes, you read that right! Your guests could sue you during the holidays. Guests could sue the host if they are injured, sick or their property is damaged due to the home or the host’s negligence. The injuries or illness could include slip & fall, food poisoning, decoration falling on guests or fire-related injuries.
No one wants their holiday to be disturbed by a trip to the court. Sadly, such lawsuits could occur, especially with an extensive range of guests. Defending your case can be extremely expensive and complicated.
Thankfully, having home insurance during the holidays can help with such drastic situations. Home insurance will provide third-party coverage, covering the costs related to injury or property damage claims at the policyholder’s home.
You must try your best to avoid such situations and keep guests safe. Though, with home insurance, you will not need to panic or worry about the financial factor when that bitter guest sues you.
You cannot avoid or predict Some home risks no matter how hard you try. The risks are situations that can damage the home and its belongings, resulting in costly repairs or replacements.
These risks can include weather damage or guests damaging expensive belongings. Weather damage depends on the country, and the risk may differ. However, guests causing damage could occur anywhere.
For example, a child may run around the home and accidently tip over a costly vase. Guests could damage any home asset, such as paintings, carpets, furniture, electronics, etc. You most probably won’t ask guests to pay as it was an accident.
The cost of repair or replacement can be huge and sometimes not worth it. Although, when you have home insurance during the holidays, you don’t have to worry about the cost of accidental damage. The accidental damage may not be included in every home insurance policy but can be added as an extension.
The coverage can help save thousands and avoid stress whenever a guest moves near expensive belongings.
Whether you plan to stay home, host or travel abroad, ensure you have home insurance during the holidays to keep your home safe throughout this joyful time of the year.