Your home is more than just a roof over your head. Chances are it’s your most valuable investment, and one you likely can’t afford to replace if disaster strikes. That’s why protecting yourself with homeowners insurance is so important.

Why you need homeowners insurance

Buying homeowners insurance isn’t required by law, but if you have a mortgage, your lender will likely require you to insure the home so it can protect its investment.

Even if you don’t have a mortgage, homeowners insurance is almost always a wise purchase that can safeguard your finances in a variety of ways.

Here are the main functions of home insurance:

  • Repair your home, yard and other structures: If your home were leveled by a severe storm or burned to the ground, could you afford to rebuild out of pocket? Homeowners insurance helps cover reconstruction to restore your place and property to its former glory.
  • Repair or replace personal belongings: Many policies cover your belongings not only inside the home, but also on the go. So whether your furniture is destroyed in a fire or your wedding ring goes missing from a hotel nightstand, your coverage can help repair or replace them.  See if your agent has a Home Inventory checklist to help you "remember" everything you have if it had to be replaced.
  • Cover personal liability issues: If a guest trips and falls on your walkway and sues you, your dog bites a visitor, or you accidentally hurt someone away from home, homeowners insurance can help cover others’ injuries and your legal costs

Next; What homeowners insurance does and doesn’t cover

Posted 2:00 PM

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