Homeowners insurance is an insurance policy that protects you financially in the event that your home and property is damaged in a covered peril, or in the event of a covered lawsuit.
Perils that are typically covered by a standard home insurance policy include fire, wind, lightning, hail and theft. While no one plans on losing their home and possessions to any of these perils, it unfortunately happens every day. Ask yourself this: if your home was ever destroyed in a fire, for example, how would you pay to rebuild your home? That’s where your homeowners insurance comes in.
Homeowners insurance protects the investment you have made in your home by providing you with coverage for specific hazards. Standard homeowners insurance also contains liability coverage that protects you and your family against lawsuits where another party finds you liable for damage to their property or person.