How Can Homeowners Insurance be Beneficial?

While homeowners insurance isn’t always required by law depending on where you purchase your home, it most certainly is required by mortgage lenders. Being required to purchase coverage may initially appear to be an inconvenience, but there are many benefits to insuring your home. We previously covered what to check for in your home insurance policy. Today, we look at the functions, coverage options, and benefits of homeowners insurance. The Main Functions of Homeowners Insurance Unfortunately, most homeowners insurance policies do not cover all possible causes of damage to your home and personal property. The most common basic property insurance policies will only cover damage from fire, hail, wind or theft. Separate insurance is generally required to cover damage from household disrepair, floods, mold, earthquakes or acts of war. The main purpose of basic homeowners insurance is to help you cover the costs of repairing damage to your home in the case...