When you buy a home one of the first things you want to do is to purchase Home Owners Insurance. Home Owners Insurance protects the homeowner from casualty losses or any damage to the home from personal property and from liability damages to other people or property. Homeowner’s are required by the lender and can be included in the mortgage payments. Though you may go on your own to get insurance from another company by the lenders are required to offer it.

A standard policy will include coverage for the structure of the home, it provides structure for your personal belongings, it has liability protection and it allows for additional living expenses in the event you are temporarily unable to live in your house because of fire or flood.

If you have a co-op or a condo there are two different policies that you are required to have. You have to have your own insurance policy, it will cover your personal property and some structural improvements and it will allow additional living spaces incase of fire, theft or any other disaster listed in your policy. Then you are required to have a master policy. This policy is given to you by the condo or co-op board. This policy covers common areas that you share with other tenants in the building. For example those areas are roof, basement, elevator, boiler and walkways. It covers both physical and liability damages.

You may have optional insurance coverage, ask your provider about getting a unit assessment, water back up, umbrella liability, flood or earthquake and floater or endorsement this would cover, furs, expensive jewelry and collectibles. These can be apart of a standard policy but the limitation is often $ 1,000 to $ 2,000 dollars. Some of the disasters that may be covered are explosions, smoke, volcanic eruptions, theft, water damage, windstorm or hail, fire or lightening. Some of these will depend on where you live.

Some people believe that they are required to have insurance when they own a home, but that is not true. Unlike car insurance you do not need homeowners insurance but it is highly recommended. Whether you get the coverage if something happens to you is one thing but if someone falls on your property or in your home and they choose to sue then without the insurance you will be responsible if they win. It is a protection policy for you and your home.

If there is a disaster like a fire in your home, without insurance you have nothing left to claim. Rebuilding and replacing will come out of your pocket and that is a very costly mistake to make. If you home has a structural damage from vandals you will be covered. It will cost you extra per months but in case of any type of disaster or even a robbery you are well covered and you can replace your material possessions without it coming from your pocket. Do the smart thing and carry insurance whether you live in a house, apartment or condo or co-op.

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