Your home is likely the most valuable asset you have. Homeowners insurance helps protect you and that investment in a variety of ways.


Is homeowner insurance required?

Yes. If you have a mortgage or have a home equity loan or home equity line of credit (HELOC), your lender is most likely going to require that you have homeowners insurance coverage before funding your mortgage or refinancing. That’s because your property acts as collateral for these types of loans. As a result, the lender wants to make sure your home is protected if it’s damaged or destroyed by a fire or other certain risks.

Homeowners insurance limits and deductables

It’s important to keep in mind that your home insurance coverages come with limits — the maximum amount your insurance policy will pay toward a covered claim. When selecting your coverage limits, be sure to consider things like the potential rebuilding cost or personal belonging replacement cost.

Most coverages have deductibles. A deductible is an amount you must pay before your insurance benefits kick in to help reimburse you for a covered claim.
Your home insurance deductible is the amount of a covered claim that is your responsibility. The amount you choose for your insurance deductible depends on how much you’re prepared to pay if your home or belongings are damaged or destroyed by a fire or other covered peril.

While a standard homeowners policy helps protect your house, It may include the coverages from your personal belongings to the shed in your backyard, or even medical bills if a guest is injured on your property.

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