Whether you’ve paid off your home or not, financial advisors will tell you there are sure to be many other expenses such as house repairs. Some of these can be quite unexpected; for instance, a car might run into your home and wreck the foundations or stability of it, or a sudden storm might mean a tree falls across your roof. How do you pay for these major repairs and still afford to pay the mortgage off? Financial planning right from the start is the best way.
Even if you have never sought advice from a financial planner, it’s not too late to start now. Most financial experts will advise you on the ways to minimise your risk and get more from your dollars. One way to minimise risk of loss is through insurance. Even though it might seem like money down the drain, having insurance for your home is essential. Then any kind of damage can be paid for.