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Home Insurance, get the Facts

Source: Tina



The largest asset for most people is of course their home. Lose your house, 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 or other disaster. That's where homeowners and renters insurance comes into play.  Even an idiot knows you need home insurance.

Homeowners insurance will protect your valuable asset, whether it's a ranch in the country or a condo in the city. Homeowners insurance will not only cover a home structure, it can 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 for extra coverage or protection of special or valuable items.

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 an area vulnerable to rising water or flooding, ask your Insurence agent about how you can purchase flood insurance.

The most important thing about homeowners insurance is to have adequate coverage. If you do not purchase enough insurance, any loss 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 best to talk first with an ins agent to help assess your needs so you can choose the HOME INSURANCE POLICY that is just right for you.