At this point, we have either a love-hate relationship with our homes. Homes have become even more important to us in the past few years. With working from home becoming a norm, most of us spend most of our time at home. It is a place we feel safe, creative and loved. Even if you are working from home- there is no better feeling than chilling on that comfy sofa after a long day and enjoying time with your family. In 2022 our home has turned into our office, gyms, cinemas, restaurants and even our spa.
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. But, in fact, 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 insurances you should just consider- it is a must! Home insurance does more than protect your home from damages. The policy will reduce financial risks for policyholders when they have to face such unpredictable events.
Numerous risks can affect your homes, such as the weather, theft, fires, and floods. Additionally, home insurance will also protect the policyholder’s family and guests from any accidents that happen in the home. Therefore, the impact of an unfortunate situation is reduced by home insurance, no matter how odd the incident is.
The following home risks may shock you but are covered by home insurance.
Surprising Home Risks that are covered by Home Insurance
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 too, 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 points.
A real example in Hong Kong: was when a family invited new neighbours around for a party. The owner let the dog roam free during the party and to 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. Even if it was not your dog’s fault, the owner would be liable for any third-party damage.
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 has injured a family member or 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 is it when your home is surrounded by nature. Fresh oxygen is excellent to allow into your home and makes looking out the window peaceful. 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 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 temporally. Therefore the environment itself can be one of the shocking home risks that can affect anyone.
The cover of such home risks is why the home insurance policy is a blessing. The insurance will cover the expense of repairing and replacing damaged belongings. Additionally, the insurance will provide funds to move into a temporary accommodation if the house is not liveable while being repaired. Finally, home insurance will cover the damages no matter what damage the weather may bring.
Hong Kong weather is always unpredictable, and weather worldwide is getting shocking. 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 to 30,000°C. Therefore, a single strike of lighting on your home can instantly cause a fire and can 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 lighting 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 departments and then your insurance. Home insurance will pay for repair costs and alternative accommodations costs. Next time you see lightning strike, hope it’s not near anyone’s property.
Have you ever dropped clothes while hanging them? Now imagine if that was 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 2 years, there were 3,001 cases of falling objects from building reported to the Police. The third-party injured could sue the homeowner for damages, compensation and settlement costs. Additionally, the government will fine 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 for 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 of these 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 animal. 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 and 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 contribute to home risks and home 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 Everyone Need Home Insurance To Manage Home Risks?
Home insurance is full of 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, and as you can tell, they can come in surprising forms. Nevertheless, it is a way to protect materials, your family and your future. Especially in 2022, where we spend most of the time at home, it gives us the peace of mind to know we are insured from possible risks.
Additionally, The 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.