Basic Homeowners Insurance

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What Homeowners Need to Insure

Basic homeowners insurance simply insures your home, including apartments, condominiums and houses. The looming issue with home insurance is determining how much you need. Keep in mind that you aren't simply insuring the structure, but also the contents of your home. Condominiums are not insured for the structural component since they are considered a unit in a building.

A common misconception is that many need more insurance for contents than is needed for the structure, especially if there are expensive belongings in the home. In the case of a disaster, the retail replacement value of those contents can be a significant expense, more than most would think. It remains critical that you don't underestimate your needs, so pay particular attention in regards to the replacement value of your goods.

In addition to covering your home and contents, homeowners insurance provides liability coverage in the event that someone is injured on your property. In these litigious times, it is worthy to have this coverage. It is not a legally required policy, but is highly recommended. Such liability insurance will cover you if someone is hurt on your property. If you live in parts of the country where winter ice and snow is a common occurrence, you probably realize how easily accidents occur in hazardous areas. This policy does cover all visitors, but check if it also covers family members or those living in the home.

It is standard practice that when purchasing a home, insurance is needed to obtain a mortgage. However, if you are renting or leasing, you may not have put much thought in obtaining home insurance. Unless you are in a special situation, such as living in a furnished or corporate apartment, you should consider planning for this. In the case of a disaster, such as fire or flood, you would need temporary accommodations and funds to replace your belongings. Renters insurance also covers these types of expenses and incidents.

If you are in the process of buying a home, you should also consider getting title insurance. It is a relatively new type of insurance product that could save you a considerable amount of money if problems with your property title arose. This happens more often than many think, which is why insurance companies have developed it. Believe it or not, title issues arise with new properties where you can buy directly from a builder. For a fairly small fee, you will receive coverage to ensure your title is accurate. Title insurance covers all costs associated with resolving a title problem, including any attorney fees.