Why Do You Need Homeowners Insurance?

Home Insurance is needed if any home owner has a mortgage or lien on the home.  The insurance is needed because the bank still owns the property and they have a vested interest that the property stays in good working order. 

 

It is important to have home insurance also for coverage of your personal property at home and anywhere you might be traveling.  Each company has its rules and regulations about how much personal property is covered outside the home.  Farmers offers coverage of 10% of your personal property from your home insurance coverage any where in the world.  This coverage also protects your personal property at home in the event of a covered loss such as fire, smoke damage, theft etc.

 

Another important reason that people should carry home owners insurance or renters insurance is the built in liability coverage in the policy.  What if your dog bit someone ??  What if someone tripped on your property ??  What if you accidentally broke something at you neighbors house ??  This is what liability coverage protects, an unforeseen accident not intentionally caused by a home owner or their family members.