Homeowner’s Insurance Do I Really Need One

Homeowner’s Insurance: Do I Really Need One?

The idea of finally owning a home is elating. It doesn’t matter whether you’re in the early stages of selecting one or you’re down to the last few payments of your mortgage.

But once you have all the giddy feelings settled (don’t worry, we won’t judge), you must put your logical cap back on. Your home is a major investment, that’s why it’s only sensible to protect it.

This article will help you learn more about homeowner’s insurance— and the need to get one. 

Reasons Why Homeowner’s Insurance is a Must 

Homeowner’s insurance can help you enjoy your home more. You have peace of mind that even when an untoward incident (such as fire, hurricane, or theft) happens, you and your home are protected. 

Here are some ways that homeowner’s insurance can save you from stress and high repair expenses (that can easily accumulate to loans and debts).

1. Dwelling Coverage

Dwelling Coverage

This part of your policy helps you pay for repairs for your home structure should a covered peril occur. 

For instance, a big fire may damage your home’s interior including your roof, windows, and doors. All these are insured as part of your dwelling coverage.

It may come as a surprise (and a pleasant one at that) that even your built-in fridge and HVAC system can also be part of your dwelling coverage. On top of these things, an attached garage or deck is under this part of your policy as well.

2. Other Structures Coverage

But, what about when lightning strikes your fence? This is where the other structures coverage comes into play.

As the name implies, this part of the policy can help you with repair expenses should it concern structures that are not attached to your home. Other examples of detached structures are swimming pools, sheds, or gazebos.

3. Personal Property Coverage

Personal Property Coverage

It would be heartbreaking to experience people breaking into your home. Even more traumatizing is the fact that there could be a significant loss to your belongings. 

For theft and other covered perils, the personal property coverage part of your homeowner’s insurance can help you get the funds to replace or repair your valued possessions. 

Some examples of items included under this part of your policy are furniture, appliances, electronics, and clothing. However, you must talk with your insurance provider to be clear about your policy’s terms, conditions, and exclusions.

4. Personal Liability Coverage 

Is your furry pet who missed dog training starting to give you some trouble with your neighbors? Do you have a child that’s so active they tend to break things in their playmate’s home?

Both of these concerns can be addressed by the personal liability coverage of your home insurance. This covers legal, medical, and repair bills arising from circumstances where you or a family member may be deemed at fault by others. 

In case your dog (heaven forbid) accidentally bites someone, you can shoulder the medical expenses of the aggrieved party through your personal liability coverage. The same thing goes if you need to shell out for the TV repair of your neighbor because your child accidentally hits its screen with a ball.

But of course, this coverage doesn’t give you the license to be irresponsible. Holding yourself and others in your household accountable for your actions is still the best way to prevent untoward incidences from happening.

5.  Guest Medical Coverage

Guest Medical Coverage

For homeowners who love hosting parties or having some guests come over, it could be stressful should an accident happen. Fortunately, you could use the guest medical protection if you have homeowner’s insurance.

Imagine your best friend slipping in your kitchen and hitting their head on the countertop. The guest medical protection can help cover their medical procedures.

6. Additional Living Expenses Coverage 

If your home needs major repair let’s say because of a fire or a tornado (and other covered perils), it’s good news that your home insurance comes with additional living expenses. 

You may choose short-term rentals as a temporary place to stay. Your ALE may also cover restaurant bills or even storage costs.

With all these coverages, one should realize that getting homeowner’s insurance should be a priority for any homeowner. Don’t commit the mistake of treating it only as an afterthought.  


Did we miss a part that can be covered by homeowner’s insurance? Please send us a message so we can update our list. 

Aside from protecting your home, you should also shop around for other types of insurance. These articles may help you gain more information.