Homeowners Insurance

Homeowners insurance is a type of property insurance that may cover losses and damage to your residence, furnishings and other assets following a covered peril. It can also provide liability coverage for accidents on the property.

What Does Home Insurance Cover?

Standard homeowners insurance can offer various protections for your property and personal belongings. While policies may differ, homeowners insurance typically includes the following:

• Dwelling coverage—This can pay to repair, replace or rebuild your home’s structure after covered events such as fire, theft, vandalism or weather-related damage.
• Personal property coverage—This may cover belongings within your home, such as appliances, furniture, clothing and electronics. High-value items may need additional coverage.
• Loss of use coverage—This may cover living expenses if you need alternate lodging while your home is repaired. It may pay for meals, parking and hotel fees, with coverage limits and time constraints per your policy.
• Coverage for other structures—This can cover detached buildings on your property, such as garages, sheds, fences and outdoor equipment. High-risk items may need extra liability coverage.
• Personal liability protection—This can provide financial protection if someone is injured on your property, covering medical expenses and legal fees if you are sued.
• Medical payments coverage—This can cover treatment costs for individuals accidentally injured on your property, excluding immediate household members, with preset policy limits.

Who Needs Home Insurance?

States do not legally require homeowners to have home insurance, but your lender usually requires it if you currently have a mortgage on your home. Even if you aren’t required to carry homeowners insurance by your lender, most insurance agents and financial professionals recommend having a policy. Home insurance is an economic safeguard against the unexpected. Having the right coverage helps ensure financial stability and peace of mind.