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Homeowners Insurance

What Is It?

Homeowners insurance is insurance coverage for a person’s home. The person must own the home in order to get this insurance. This coverage does not apply to apartments or condos. It is strictly for houses. When damage or loss occurs, then the homeowner files a claim for insurance help. It also covers liability for damage or injury resulting from your negligence on your insured property.


Home + Auto

Life + Income



Who Is It For?

This insurance covers the home. Not all policies are the same, so check your policy to determine the coverage limitations. Assuming you have a mortgage, you probably promised to insure your lender by purchasing insurance. If the insurance lapses, then your lender will continue to maintain its own coverage to insure its interest in the property. You’ll ultimately pay for it, and if there’s damage or a loss you’ll be personally uninsured.

How It Works

Damage, Loss, and Liability:

The policy will specify what it covers. In general, all policies include coverage for the structure and personal property. If you have valuable personal items in your home, then you might want special coverage. If you don’t get special coverage, then the insurer might only pay you its maximum coverage of $2,000 for a $20,000 piece of personal property.

Cash value vs. replacement cost:

Insuring a home for cash value is less expensive than insuring it for replacement cost. If you purchased your home in 2005 for $200,000, it might be worth $145,000 now. If it’s destroyed, it’s highly unlikely that you’ll be able to replace it for $145,000. That is only one reason why you might want to consider having it insured for replacement value.

A home is a serious investment. Homeowners insurance is the best way to keep your investment safe.