Your home is one of the most significant purchases and financial commitments that you’ll make in your lifetime. You want to protect your home just like you’d defend anything else that you cherish in your life. Your home is the “roof over your head.” It’s susceptible to all of the elements. That’s why you need to insure your home. 

Unfortunately, there’s much more to home insurance than just purchasing it. If you are taking out a mortgage on your home (which you most likely are) your lender will require that you buy insurance for the property. You can get all types of coverage from minimum hazard insurance to more complicated coverages. Read on to learn more about homeowner’s insurance. 

More Than Minimum

While the minimum coverage for your property will do the job, covering structural damage from wind, hail, fire, theft, or the like, you’re probably going to want to get a higher level of coverage to suit your needs based on where you live and what you own. 

It’s essential that you obtain coverages for personal possessions as well as personal liability coverage. These protect you and your property in case there’s an injury on the property, and coverage for other things on your property like a pool, a shed, a garage, or a gazebo. Each lender also has different requirements for what their minimum allowed coverage is.  

Liability

Most policies cover personal liability to some degree. Your home is one of your most significant assets, so you’re going to want to have this coverage to protect yourself and your investment. If someone is injured on or because of your property, this insurance covers you. Circumstances can vary from crumbling bricks, a fall off a ladder by a roofer, or your dog biting someone. 

Personal Property

Whether your home is broken into or your property is severely damaged by a storm, the items in your house may be of the most value to you. You’ll want personal property insurance included in your homeowner’s policy. If any of these unfortunate events happen, you’ll be able to get some money in order to replace your couch, computer, diamond ring, or dining table. Anything that’s incredibly valuable like artwork or jewelry should have extra coverage on it. Each insurance company has different details on how to get these items covered. 

Saving Money

Although you want to protect yourself and your property, the cost can be a concern. Don’t go overboard with your insurance coverages, but make sure you have what you need. If something does happen on your property, you want to know that you have your insurance there to protect you.