Unlike auto insurance, homeowners coverage isn't legally required. But if you finance your home with a mortgage, as part of the terms of your agreement your lender often mandates at least a basic policy.
Even if home insurance isn't required, however, that doesn't make it any less critical. After all, your home is your largest investment. You'd hate to have a freak storm or explosion damage your house and not have the funds to rebuild. With homeowners coverage, you don't have to worry. Dwelling protection can help restore your home to its former glory so your family and finances are secure.
Homeowners insurance looks after more than just your dwelling, too. Your policy could also help with:
- Paying for temporary accommodations if a covered loss drives you out of your home
- Handling liability issues if a guest gets hurt on your property
- Replacing your valuables, such as furniture, jewelry, and electronics if they're stolen or damaged