Homeowners insurance is a crucial policy for property owners that bundles protection for the physical structure of a home, the personal belongings inside it, and liability for accidents that occur on the property. Required by nearly all mortgage lenders, it safeguards your largest asset against common disasters like fire and theft, though specialized perils like floods and earthquakes typically require separate coverage.
- What It Is: A policy that protects your house and personal property from damage or theft.
- What It Covers:
- Dwelling: Damage to the structure of your home.
- Personal Property: Your belongings, such as furniture, electronics, and clothing.
- Liability: Bodily injury or property damage you or your family members cause to other people.
- Loss of Use: Living expenses if your home becomes temporarily uninhabitable.
- Who It’s For: Anyone who owns a home.
- Key Considerations: Standard policies exclude coverage for floods and earthquakes; this requires a separate policy or rider.