Homeowners insurance is one of those things that we often buy because we have to. When purchasing a home, the mortgage lender requires that the buyer purchase insurance to protect their interest in the property. But even if you own your home free and clear, homeowners insurance is something you need.
A good insurance policy will protect your home from a variety of hazards. These generally include, but are not limited to, fire, storm damage and vandalism. Your standard policy does not cover flooding, but those that are in danger due to proximity to a body of water or geological concerns may purchase a separate flood policy. Check with your insurance agent to find out what coverage you have or need.
Another important aspect of a homeowners policy is protection of your personal property. It is protected against the same things that your dwelling itself is protected against. Your property is also protected against theft, and in some cases may even be covered if it is lost.
Liability coverage should also be included in your policy. This will pay medical and litigation expenses (if applicable) if someone is injured on your property, or as a result of your personal activities anywhere else. It also covers damage to the personal property of others under the same circumstances. Liability coverage does not, however, cover incidents that would be covered by auto or business insurance.
The Fine Print
Every homeowner should have insurance to protect his investment and belongings. It may seem expensive at first, but it’s one of those things that we can’t afford not to have. In the event of an emergency, a good homeowners policy can help you pick up the pieces and get your life back to normal.
Tags: homeowner insurance, insurance, insurance advice
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