New homes are fantastic. You get to know you were the first person to ever live there and have the chance to make it your own. Because of how few flaws most new homes have, you may think you can save a little money by cutting out homeowners' insurance. After all, there aren't any laws saying you have to have this type of insurance.

Don’t fall for that line of thinking!

Homeowner’s insurance is one of the most important things you can get for your new house. These are the top reasons why. 

If You Get a Home Loan, You Have to Have Insurance

If you get a mortgage or home loan, your lender will more than likely require you to have insurance on your property. This can be frustrating if you don't see the point in spending an extra hundred to a thousand on your home every month in a way that doesn't feel tangible, but it will protect you both.

Lenders do this because they can't predict whether or not the home will be safe or which property you'll pick, so they have to protect their investment. 

Some lenders take it further by requiring specific types of insurance, like flooding or hurricane protection specifically, depending on where you live. This will add even more expense to you every month but will give you a chance to replace your board and batten steel siding and repay your loan.

One in Every Seven Houses is At Risk of Flooding

Over 13% of homes are currently at risk of flooding within the next ten years. This number is expected to continue to rise as coastlines move inwards and riverbeds reshape due to climate and weather pattern changes. 

Even a single inch of flooding can wreak havoc across an entire property. This can lead to replacing walls, having to get rid of furniture, stripping cabinetry, updating continuous insulation, and having to take out full walls. This isn't something anyone wants to see happen to their property. 

If you have flood insurance on your property, you'll be able to rest assured that your home isn't going to make you go bankrupt if it goes underwater. Although there's still a lot of work and time that'll have to go into rebuilding, it's better than the alternative of not having insurance.

Weather Can Only Be Predicted So Far

The last twenty years have been full to the brim of unexpected weather patterns, major storms, hurricanes, winds, sudden hail, flooding, and more. Because of this, it’s becoming harder and harder to predict how the weather is going to be at any time. Nearly every part of the country has been making a joke similar to “if you don’t like the weather now, give it ten minutes!” and this can be dangerous for properties. 

If there’s a storm that sends trees through shear walls, having insurance on your new property can be a relief. Although new homes are less likely to deal with the classic types of damage, the weather doesn’t pick just older homes when it causes problems.

Can Help You In Case of Fire

Fire is one of the most terrifying things to happen to your home. It destroys quickly and can be instantly deadly. Although you should still turn off your curling iron after you use it and avoid leaving candles unattended, a fire won't be able to take away everything from you.

If a fire happens and burns some or all of your belongings, home insurance can possibly help you recover some or all of your possessions. 

In Case Someone Gets Accidentally Hurt

If someone gets accidentally hurt from no intentional act on your part, your insurance may be able to help you! Insurance companies will sometimes cover claims where someone slipped, fell, or got harmed on your property. 

This is different from case to case, but it's an incredible chance to save yourself from having to pay out of pocket for their car or leaving them to pay for it themself. 

Ensures You Don’t Have to Lose the Investment

All new homes are different, but they have one thing in common- they cost hundreds of thousands of dollars. Whether you build your new home or you buy one, you're putting a lot of money into this property. Why take this chance on it? Every one of your wood shingles, doors, and chairs will cost money to replace.

Instead, insurance allows you to pay for protection. If anything happens to your home, it's tragic, but you'll be able to recover some of your losses. Even if you're not getting a lender, this is vital.

Buying a Home is Stressful Enough

Buying or building a home is one of the most expensive things you can do. If you want to protect yourself from losing all of your belongings with nothing to fall back on: insurance is a must.

Max Shafer is a freelance writer that loves sharing his knowledge and expertise on home improvement projects and materials. He lives in Land O’ Lakes, Florida where he enjoys spending time with his wife and working on projects in his spare time. Max’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource launching in Fall 2022.