Home insurance is a type of insurance product that protects your property and your belongings. There are three main types of home insurance: buildings insurance, contents insurance and combined buildings and contents insurance.
Homeowners insurance provides financial relief if a covered event damages your home, property or personal belongings. It can also pay out when you’re held responsible for an accident or injury.
Repair your house, yard and other structures.
Repair or replace your personal belongings.
Cover personal liability if you’re held legally responsible for damage or injury to someone else.
Homeowners insurance coverage isn’t required by law, but if you have a mortgage, your lender will likely require you to insure the home to protect its investment. Even if you don’t have a mortgage, home insurance is almost always a wise purchase, giving you both property and liability coverage. The coverage amount will be the present value of your home, property or belongings.
