Why do we need house insurance? What is the importance of it?
Homeowners insurance helps protect that investment — and you — in a variety of ways. While a standard homeowners policy helps provide protection for your house, its coverage typically extends to more than the physical structure of your home. From your personal belongings to the shed in your backyard or even medical bills if a guest is injured on your property, a homeowners insurance policy may include coverage for:
- Your dwelling - if your home and attached structures, like a deck or garage, are damaged by a covered peril, dwelling coverage may help pay for repairs
- Other structures - the other structures coverage in your policy may help pay for repairs or replacement for detached structures on your property, like a fence or shed, if they are damaged or destroyed by a covered peril
- Personal property - personal property coverage may help pay to replace certain belongings, including furniture and electronics, that are stolen or damaged by a covered loss
- You and your family - if you or a family member are found legally responsible for accidentally damaging someone else's property or injuring someone, liability coverage may help pay for related repair costs, legal fees and medical bills
- Guests - if a visitor is accidentally injured at your home, your policy's guest medical protection may help pay for their resulting medical bills
- Additional living expenses - if you cannot stay in your home after a fire or other covered claim, your homeowners insurance coverage may help pay for temporary increased living costs, such as hotel bills