Homeowners Insurance – What Is It and Do You Need It?

Homeowners insurance is just what it sounds like – insurance for your home. Depending on the policy, homeowners insurance can cover both the contents of the home (ex. replacement of theft of items within) and the home itself (ex. repair after a fire).

Make sure that you do your research when pricing out policies – a cheap policy (like any kind of insurance) may not mean quality insurance. Look at what is covered by the policy. For example, many policies do not cover damage caused by various types of earth movement (ex. snowslides or earthquakes), or damage caused by a flood. Some companies will offer you the option of purchasing supplementary coverage, called endorsements, such as a sewer backup endorsement.

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What if you no longer have a mortgage? Well, if this is the case, you may opt out of homeowners insurance. However, there are many things to consider when making a decision to forego protection. Most importantly, what will happen if damage covered by a regular policy is sustained? Do you have the funds readily available to cover the repair costs? What about a break-in? If you are the victim of a burglary and lose items of high value, will you be able to replace them?  If you are not concerned about any of these things homeowners insurance may not seem like a necessity. However, if you want some protection it is best to maintain a policy.