It helps homeowners cover cost of damages and other damages that are a direct result of a risk, such as a fire or theft. It protects the value of your home properly.

What is a Homeowners Insurance?

A basic homeowners insurance policy insures your home against fire, theft, vandalism, natural disaster and loss of income or food, among other things. It also covers repair or replacement costs.

-Fire and liability insurance: This policy covers damages and losses caused by fire and protecting in event of flood, earthquake, severe weather and other risk factors.

Types of Homeowners Insurance

A Homeowners Insurance policy will typically, basically pays for damage to your home caused by an event that results in the permanent loss of your home or business, such as a fire or natural disaster.

This policy can also be used to cover any damage done to your property by someone who has been injured on your property, such as through a fall or attack from an animal.

Pros of Homeowners Insurance:

One in six renters in USA doesn’t have homeowners insurance. This means that they are exposed to dangerous or damaging situations in their own homes. Renters’ homes are often exposed to more danger.

Insurance can cover medical expenses and lost wages if an employee is injured on your property and does not have coverage on his/her own employer’s insurance policy.

Pros of Homeowners Insurance:

As with any other insurance, homeowners insurance doesn’t cover all situations. It is not required to cover wind damage from a neighbor’s tree, & in that case, renter’s insurance policy may be better.