A home is one of the biggest investments you can make in your lifetime. To protect that investment, people buy home insurance which can help cover the potential costs of losses and damages to both your property and its valuable assets. As a homeowner, buying insurance can provide you with tremendous value; but hopefully you’ll never have to use it!

The basic home insurance policy will cover damages that can affect the value and integrity of the home such as fire, water, physical accidents and even weather-related damages like lightning. Basic home insurance also covers damages and loss of personal property within the home due to theft, or other specified situations.

Additional coverage is also available to purchase should you have any significantly expensive valuables such as jewelry or even a rare custom guitar in the house. 

Unlike a driver’s auto insurance, which is required by law, buying a home insurance is actually not legally required by the state. However, since most people take out a mortgage loan to finance a home, the lenders usually require the buyers to purchase at least a basic form of home owner insurance.

Keep on reading to learn more about what home insurance is and why you need it.


While shopping for a home, you will likely come across different types of insurance policies with similar names. With all the paperwork and legal terms involved in a real estate transaction, anyone can quickly become confused. To help you out, we’ll cover the most common types of insurance you may come across.

If your down payment for a property is below the standard 20% deposit limit, your lender may require that you purchase a mortgage insurance. Unlike a home insurance, which protects the buyer versus possible damages to the property, a mortgage insurance actually protects the lender in the event a loan payment is missed.

A home warranty, on the other hand, is another form of insurance that is also commonly mistaken for a home insurance. Home warranties are purchased in order to cover the costs of reparations or replacements needed for home appliances (washers, dryers, ovens, etc.) and even home theater systems.

While home warranties may not legally be required, the fact that home appliances are used constantly in a home leads most people to purchase 12-month warranties for when (not if) they break down or need replacement.


We get it, buying a home is one of life’s most dramatic and fulfilling events. However, don’t let the excitement of finally owning a home lead you to a potential financial catastrophe. If you’re a first-time home buyer, it is especially important that you first gain a solid understanding of the different policies and mortgage rates currently on the market.

Thanks to the advances of technology and the availability of the internet, consumers can now easily access the information they need from the comfort of their home, or even while riding on the train. In addition, when you take the time to research the policies that’s right for you, you become a smarter customer who knows what they want and how much they should pay.

  • Service.
    Going online enables you to get the information you need, when you need it. That means being able to look for quotes during your lunch time, or doing it at 3 am after your long work shift is over. Whenever you want.
  • Value.
    The value you gain comes primarily from the knowledge you obtain during your research process. Comparing online quotes from multiple insurance agencies allows you to hone in on the rates that are ideal for your situation, not theirs. Plus, finding online quotes is FREE.
  • Ease of Use.
    It may not seem like it, but going straight to an insurance provider is actually more difficult than going online and researching the information yourself. By doing your comparative research on your own, you can walk into an insurance agency demanding your terms instead of asking them what they can sell to you.

Investing in your home for happiness and stability requires that you invest in it wisely. Get your info online today so you can ask your insurance agent better questions tomorrow.

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