Why You Should Have Homeowners and Renters Insurance

In life, they say two things are guaranteed: death and taxes. Let’s add to that – unexpected housing expenses. It’s no secret that being a homeowner comes with added responsibility, including mortgage loans, home maintenance, and being prepared for anything. It’s not enough to have money saved away in a high-yield savings account for a rainy day. Homeowners or Renters insurance is the only way to ensure that your home and personal belongings are covered in case of a disaster.

What is Homeowners Insurance?

Homeowners insurance is specifically for people who own their own home or apartment. It covers personal belongings and the home’s structure. The only difference between homeowner and renter insurance is that homeowners’ insurance covers the dwelling.

There are five core coverages in homeowners’ insurance:

• Dwelling: the actual home structure
• Personal Property: personal items stored within the home
• Personal Liability: covers bodily injury and property damage sustained by others
• Additional Living Expenses: the excess cost of living fees you incur from being displaced from your home
• Medical Payments: pays the medical bills of people who are accidentally hurt on your property – not including members of your household

What does Homeowners Insurance cover?

• Fire
• Smoke
• Windstorm
• Hail
• Lightening
• Explosions
• Vehicles
• Civil Unrest or Riots
• Theft
• Vandalism or malicious mischief
• Trees and other falling objects
• Weight of ice, snow, and sleet
• Water damage resulting from freezing, rupturing, or Vehicles sudden and accidental overflow of plumbing, heating air conditioning, the fire sprinkler system, or a household appliance.