Homeowners insurance (also known as home insurance or property insurance) protects you and your home in the event of loss due to disaster or burglary. Your policy also protects you from potential liability claims. Unlike car insurance, homeowners insurance is not required; however, if your home is financed, your lender will probably require you to have coverage — and with good reason! A homeowners policy typically covers your home structure, attached garage, and any other structures on your property (like a barn or detached accessory dwelling unit). The policy also covers personal possessions like furniture, jewelry, appliances, and clothing and protects you from personal liability claims like bodily injury or personal property damage. In the event that your house was destroyed or severely damaged, your homeowners insurance may even pay for alternative living arrangements while your home is being repaired.
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