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Homeowner's Insurance

If you have a mortgage, chances are your mortgage contract requires you to have homeowner's insurance. For those of you looking to save money, it's probably a good idea to search for a homeowner's policy on your own. Homeowner's policies obtained through a mortgage company tend to be more expensive than a policy you would find yourself. Aside from the price difference, a homeowner's policy obtained through a mortgage company may also offer significantly less coverage (e.g. only the structure of the home).

Aside from covering the physical structure of the home, a homeowner's policy typically includes coverage for:

Other Structures: Detached structures such as a shed or a fence are eligible for repair or replacement with this coverage.

Personal Property: Personal property such as clothes, electronics, and furniture may be replaced if damaged or stolen from within the home. Additional high-value items (such as jewelry or art pieces) can be covered by adding a floater.

Personal Liability: Let's assume someone were to get hurt while visiting your home. The injured party may be able to hold you liable for their injuries. Personal liability coverage will cover medical expenses for any parties injured while on your premises.

Loss of Use/Additional Living Expense: Let's assume your home sustains considerable damage. If you are required to stay elsewhere while your home is being repaired, most additional living expenses are covered. These expenses may include the cost of eating out, hotel stays, and any other expenses required for you to carry on while your home is being repaired.

*It is important to note that nearly all homeowner's policies do not provide coverage for flood and earthquake-related damage. Coverage for both flood and earthquake must be purchased separately.