Why do I need homeowners insurance?
Your house is more than just a roof over your head. It's where you’ll likely spend the most time and invest the most money.
While homeowners insurance isn't required by law, your mortgagee or lender will require you to carry it to protect its investment. Even if you don't have a mortgage, insurance can protect you in a variety of ways.
Here are the main functions of a homeowners insurance policy:
Repair or rebuild your home, yard, or other structures: In the event of a fire, could you afford to reconstruct your house and pay to remove the debris? Insurance covers those costs.
Replace personal belongings: Homeowners insurance isn't just for replacing personal belongings and furniture destroyed by a fire. Its coverage extends to loss from theft, too. Did you know it can even be used to replace that diamond that came loose from your wedding ring?
Protects you in cases of personal liability: How do you pay for the damage to your neighbor's roof when it caught fire from your child's bottle rocket? If a guest trips and falls while visiting, your dog escaped and bites a neighbor, or you accidentally cause injury to someone while away from home, homeowners insurance will cover medical costs and legal fees.
Be sure to check with your local agent what your limitations are and have them help you select the appropriate amount of coverage for your needs.
Never fear if you're properly insured!