Why Homeowner’s Insurance?

Assets: Your home is your biggest asset because you have money invested in it and you have your personal belongings in your home. You want to protect it from fire, theft, vandalism, and other perils.

Liability: When you own a home, you can legally be liable for injury or property damage to others. Liability coverage would pay for any expense related to injury or property damage to others. For example someone falling off on your sidewalk and this person sues you on the grounds that he fell, because sidewalk was not kept clean. This liability coverage also applies outside of your property. Example is where your son accidentally hits an elderly lady with your shopping cart and she breaks her leg. The lady could sue you for the injury.

Bank: If you have mortgage on your home, bank will require you to carry home insurance. All or some of your property is owned by the bank and they too want to protect their assets and liabilities.

Your basic home insurance covers losses resulting from fire, wind, air, vandalism, and theft. If you need coverage for earthquake, flood, landslide, expensive jewelries, you will need to get separate coverage or have supplemental coverage.