Home Insurance

Have you ever wondered what your Homeowner’s insurance actually covers? Why do we need it? Let’s dive into all of the reasons this type of coverage is extremely beneficial.

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Loan Requirement

If you own a home and purchased your property with a loan, there’s a good chance you have homeowner’s insurance. Most lenders require it. They ask this of you to ensure their investment is protected. If they lend you hundreds of thousands of dollars for a house that ends up burnt to a crisp, they lose out on a lot of money. It ends up being protection for both you and your lender.


Your home is likely your biggest asset. Why risk not having it protected with insurance? There are a lot of things that could happen to your home that are completely out of your control. Home insurance is the best way to make sure the financial burden of unexpected damages doesn’t fully land on you.

A typical policy doesn’t just cover your home. It usually includes additional structures on your property like detached garages, fences, and storage sheds. It will also include personal property coverage that will help replace personal items and furniture if something should happen to your home. This type of policy will also replace things if your home was burglarized.

Home owner’s insurance typically includes liability insurance. According to an article written for allstate.com, your policy can protect you even if it’s not your home. The article says, “If you or a family member are found legally responsible for accidentally damaging someone else’s property or injuring someone, liability coverage may help pay for related repair costs and legal fees, in addition to helping with medical bills.” If you have a guest staying with you and they get injured at your home, your policy covers that as well! It will help pay for the injured party’s medical bills.
Lastly, if your home is damaged in a fire, flood or other covered claim, your insurance may help cover your temporary living expenses. One example of these type of expenses would be a hotel bill. If you needed to leave your home while it’s being worked on, there’s a good chance your policy would cover that. However, it’s worth mentioning that you should always double check to see exactly what your policy covers.


As with all insurance policies, there are limitations. There are limits to how much your insurance is willing to pay. Additionally, excellent coverage comes at a price. When selecting a policy, estimate how much it would cost to rebuild your house and replace your belongings to the best of your ability. Finally, keep in mind that home insurance policies have deductibles as well. That’s another factor to consider when selecting a policy.
Overall, home insurance is one of those things that you wish you didn’t have to pay for, but when it comes down to it, you’re glad you have it.

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