Shocking Home Risks- Why you need Home Insurance?

A home is a place where we feel safe, creative, and loved. There is no better feeling than chilling on that comfy sofa after a long day and enjoying time with your family. Nowadays, our homes are our offices, gyms, cinemas, restaurants, and even our spas. 

So, wouldn’t you do anything to keep it safe and protected? Most homeowners purchase home insurance to protect their homes from various risks. There are hundreds of things that could go wrong in our homes. These are known as home risks, which can occur due to internal or external environments. As a result, more people purchase home insurance to protect their all-in-one homes from unexpected home risks. 

When we think of these risks, we think of fires, floods or theft. However, there are some shocking risks and incidents that one would never expect to happen. Unfortunately, some of these home risks are actually common worldwide. This article will explain some of the most surprising home risks and how home insurance covers them.

What Is Home Insurance?

Home insurance isn’t one of those insurance policies you should just consider – it is a must! Home insurance does more than protect your home from damage. The policy will reduce financial risks for policyholders when facing such unpredictable events. 

Numerous risks, including weather-related events, theft, fires, and floods, can impact your home. Home insurance will also protect the policyholder’s family and guests from any accidents in the home. Therefore, the impact of an unfortunate situation is mitigated by home insurance, regardless of how unusual the incident may be.

The following home risks may shock you, but are covered by home insurance.

Surprising Home Risks that Home Insurance Covers

My Dog Bit The Neighbour 

Having a pet is amazing and can improve the atmosphere of your house. Sometimes, change the layout of your home, with things breaking and getting knocked around. They are part of the home risks, even though they are a joy to have. Especially excited dogs, who are known as the protectors of the house. They take pride in protecting your home and may take it a bit too far at times. 

A real example is when a family invited new neighbours around for a party. The owner let the dog roam free during the party and enjoy the party. Later at night, a neighbour was playing with the dog, as the fireworks were shot outside. The noise scared the dog, and he bit the neighbour’s leg. As a result, the neighbour sued the owner for medical and compensation costs. The owner would be liable for any third-party damage, even if it were not your dog’s fault.

In these situations, saying sorry may not cut it. Some home insurance policies will cover pet liability as a home risk (depending on the breed). The home insurance will pay the medical bill and legal costs. The cover will also include if your pet has caused third-party property damage or even hurt someone outside your home. In addition, the insurance will not cover if the pet injures a family member or the policyholder’s property. However, it is something to confirm with your insurance company and possibly get an extension if available.

There Is A Tree In My House

The environment is beautiful, and how amazing it is when your home is surrounded by nature?  Regrettably, that green tree next to your window can be your worst nightmare during a typhoon. We don’t mean the annoying tapping that won’t let you sleep, but much worse.

In Hong Kong, we are faced with at least 3-4 typhoons a year. During these times, we see the trees and nature dancing around us (moving side to side). But there are times when the movement gets too vigorous, and the tree crashes into homes.For example, in 2021, a 10-meter tree collapsed onto a house in Sheung Sze Wan, Hong Kong. Such situations are costly to repair and may force home residents to move out temporarily. Therefore, the environment can be one of the shocking home risks affecting anyone.

The home insurance policy is a blessing because it covers such home risks. The insurance will cover the expense of repairing and replacing damaged belongings. Additionally, the insurance will provide funds to move into temporary accommodation if the house is not livable while being repaired. Finally, home insurance will cover the damages, no matter what damage the weather may bring.

Lightning Strike

Worldwide, the weather is becoming more and more unpredictable. With typhoons, storms, hurricanes and many more natural disasters. One of the scariest parts of a storm is that bolt of light known as lightning. Most of us see it as a flash of light, but A single lightning strike is around it, reaching temperatures of 30,000°C. Therefore, a single lightning strike on your home can instantly cause a fire and be a disastrous home risk.

Lightning could strike on your balcony, garden or any open area. The sudden heat can cause home fires and spread through the house. There is always a chance that your house could be hit and cost thousands to repair. For example, in 2016, a 24-hour storm consisted of 10,000 lightning strikes; over 60% of the bolts struck Lantau Island and the New Territories. It just takes one strike on your property to start a home fire.

We all believe such rare home risks couldn’t happen to them, but life is unpredictable. It’s always better to be safe and insured with home insurance. First, one must call the fire department and then your insurance. Home insurance will pay for repair costs and alternative accommodations costs. Next time you see a lightning strike, hope it’s not near anyone’s property. 

Falling Pots

Have you ever dropped clothes while hanging them? Now, imagine if that were a pot. Many balconies and roofs store flower pots and heavy objects. The homeowner has to be careful when placing these pots and objects. Unfortunately, one slip could lead to a serious incident. Falling objects are huge home risks, as a falling object from a height can kill or seriously injure someone. 

For example, in two years, thousands of cases of falling objects from buildings were reported to the Police. The third-party injured could sue the homeowner for damages, compensation, and settlement costs. Additionally, the government will fine/penalise the homeowner around HKD 10,000. Therefore, a small mistake can cost the owner a significant financial loss and much more.

These home risks are unpredictable, and many may avoid them with strong precautions, but mistakes happen. Hopefully, a falling object doesn’t seriously injure someone, but home insurance will help at this point. The insurance will help cover medical, compensation, legal and property damage costs. Insurance can help the homeowner pay needed charges and not suffer from home risks they can’t always control.

Wild Boar Damage 

In recent months, Hong Kong has been overpopulated by Wild Boars. There are between 1,800 and 3,300 wild boars in Hong Kong, according to a 2019 study. They are typically found in parks and green areas- but have also started to make their way to urban areas. It is fascinating to see these big animals in crowded areas or parks. Especially in a city like Hong Kong, where it’s rare to see any wild animals. However, would you ever imagine that they could be a home risk? 

They are not highly dangerous animals, but destructive. They can easily sneak into your garden if you live in a house with a garden. There have been claims of them sneaking into houses in Sai Kung, Hong Kong, damaging the garden and outdoor property, and then leaving. Outdoor furniture can be costly and may be too expensive to replace (with the fear of it happening again).

Animal damage to the house is not as rare as one would imagine, especially in rural areas.

Whether wild boars or cows, animals can pose a risk to homes and cause damage. Fortunately, home insurance can cover the cost of the damage. The insurance will pay for the damage and may advise on avoiding this home risk in the future. Animals are as unpredictable as the weather, and homeowners should not suffer from such incidents.

Why Does Everyone Need Home Insurance to Manage Home Risks?

Home insurance has many benefits and is crucial for anyone living in a home (we hope everyone is). Whether you are a tenant or a landlord, both parties need home insurance to protect their belongings, liability, and property.

These home risks can occur at any time; as you can tell, they can come in surprising forms. Nevertheless, it is a way to protect materials, your family and your future. Insurance gives policyholders peace of mind, knowing they are insured from possible risks.

Additionally, insurance can help policyholders financially. Property damage and liability lawsuits can be costly and frustrating to solve.

Home insurance is the best insurance to reimburse these unforeseen expenses and enjoy your home stress-free.

To learn more about Home Insurance and protect your home from any future home risks, contact Red Asia Insurance.