Home Owners Insurance

The Need for Home Owners Insurance

Home owners insurance is a great way to protect your initial investment of buying a home. A home should be forever, and buying home owners insurance assures you of that. In this post we will walk you through the basics of what home owners insurance is. We will also give you examples of the sorts of things it can protect your home against. Lastly, we will tell you about the real need for home owners insurance, no matter what sort of home you buy.

What is Home Owners Insurance?

Home owners insurance is an insurance policy taken out to cover your home. You must own your home to purchase this sort of insurance policy. If you are a landlord, then special policies can be bought to protect your property. As a renter, you can also buy specific policies to cover your belongings. Contact your local insurance company or agent to learn more.

What Might It Protect Against?

Depending upon your coverage level, as well as your policy, home owners insurance might protect you against a whole bevvy of issues. Here are just a few:

  • Storm damage, like that from hail, ice, snow, rain, or wind.
  • Fire damage.
  • Earthquake damage.
  • Structural damage.
  • Damage from tornadoes or hurricanes.
  • Damage from burglary or theft. Some policies might even cover stolen items from your home.
  • Damage sustained to other specified structures on your property.
  • Possible bodily injury or damage caused by your family members to someone else’s body or possessions.
  • Any damage caused by pets.
  • Cost of living away from your home while any sort of damage is repaired.

In most cases, flood damage is not covered. You will need a separate policy to protect your home against flooding.

The Bottom Line

So why might you want home owners insurance? Here is a list why we highly recommend purchasing such an insurance policy:

  • You might be able to save money on other types of insurance when you bundle plans.
  • You can rest assured knowing that your home is protected in case of accident, theft, or other incidents.
  • In case something happens to your belongings or your home, you may be able to replace what you have lost.
  • It might help save you money in the long run if you need to replace something for someone else, or cover their expenses for an injury.
  • If your belongings are stolen or damaged while you are away from your home, they might still be covered.