Homeowners or home insurance is a type of property insurance policy designed to protect your home and assets in it. You can buy home insurance to protect your home or as a requirement for your mortgage.
Why Do I Need Homeowners Insurance?
A homeowners insurance policy will provide coverage for interior and exterior damage to your home. It will also cover loss or damage of personal belongings and assets on the property.
What Risks Does a Homeowners Policy Cover?
The risks your home insurance covers are called “covered perils” in real estate insurance. These are instances of damage in which you're eligible to file an insurance claim.
A standard homeowners insurance policy will also provide coverage for other structures that are attached or separate from the house. These structures may include a detached car garage, deck, or fence against certain risks.