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Homeowners Insurance

Do You Need Homeowners Insurance?

A home should be a plac of peace, relaxation and happiness. You don’t want to worry about expensive damage or destruction. But property damage occurs when you least expect it, and is often a problem financially. Getting homeowners insurance is a way to prepare for the worse.

Each policy is unique in what it offers. Some cover all perils except for those specifically mentioned in the policy. Others only cover perils that are specifically mentioned in the coverage. In either case, damage from fires, theft, or natural disasters is usually covered. It is important to understand your coverage, and to determine if you need additional coverage.

A typical policy also covers personal property. This pays for furniture, appliances or other belongings inside the home that are damaged or stolen. You can set your coverage limit based on the estimated value of your belongings. Some insurance companies require you to document your belongings by providing photos.

You will usually have two choices when it comes to setting your deductible. You can choose a set deductible amount. Or you can choose a deductible based on the value of your home.
If you owe on your home, then the loan company may have specific insurance requirements. Before buying coverage, learn if your lender has specific requirements.