What is homeowner’s insurance?
It’s insurance that will compensate you if a covered peril listed on your policy damages or destroys your property, or personal items. You’re also covered if you or your pet, cause unintended damage or injury to someone else or their property. Homeowner’s insurance is not required by law; however, your lender may require it if they’re giving you a mortgage.
What does this magical policy cover?
A lot actually. Your homeowner’s policy covers:
- Damage to your home and all attached structures, like a patio deck or porch.
- Stand-alone structures within your property lines, like your fence or shed.
- In a covered peril your items and belongings are covered if they are damaged or stolen.
- If your home is “unlivable” for any reason, standard homeowner’s insurance policies offer you to live outside the home in a hotel, as well as covering food for the time you need to order, and cannot cook. They cover your needs while your home is being repaired.
- Your coverage also covers you in the case that you caused unintended damage to someone else or their home.
So, it pays to have great coverage and fully understand all the benefits afforded to you in case you need to have your insurance cover you for a fire, or other covered peril.
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