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The biggest asset for most people is their
home. Lose that, and you will likely lose a big part, if not
most, of your net worth. Even if you don’t own, but rent,
you can still easily lose all your belongings in a sudden
fire. That’s where homeowners and renters insurance comes
into play.
Homeowners insurance will protect your
property whether it’s a ranch in the country or a condo
in the city. Homeowners insurance will not only cover a home
structure, it will cover the contents as well. Of course,
all of this depends on how much coverage you purchase and
whether you have any add-ons, known as endorsements, attached
to your policy.
Homeowners insurance also covers you for
liability should someone be injured on your property. It will
also cover damage to some of your possessions that are not
located at your home. This includes damaged luggage on a trip
or property stolen from your car.
One thing homeowners insurance doesn’t
cover is damage from floods. So if you have a home in a low-lying
area that may be vulnerable to rising water, you may need
a specific policy which covers flooding.
The most important thing about homeowners
insurance is to have adequate coverage. If you do not purchase
enough insurance, your home may not be totally covered. For
that reason, you may want to look into a policy that increases
your coverage limits at the rate of inflation.
Of course if you’re a renter, you
will want insurance to cover the value of your possessions.
(The landlord’s insurance only covers the structure—
not your contents.) You'll also need renters insurance for
liability coverage in case someone is injured in the apartment
or house you rent.
Because everyone’s needs are
not the same, it is important to assess your needs and find
the insurance policy that is right for you.
For more information...
 Educate
yourself - Homeowners and Renters Insurance 101
Filing
a Homeowners Insurance Claim
Preparing
a Home Inventory
Preparing
to Remodel
Protecting
your Home-Based Business
Renters
Insurance
Home
Safety Products
Have your current insurance declarations page handy to enter
the information required to give you a homeowners insurance
quote.
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