Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured. And, for your own ongoing financial protection, you'll want your home to have adequate homeowners coverage, as well.
Standard homeowners policies cover a wide range of potential disasters, from tornadoes to lightning strikes to winter storm damage. Policies do vary, though, so for your own peace of mind, check yours for the specific perils covered. Learn what's generally covered by each homeowners insurance policy type—and what's not.
Your standard homeowners policy doesn't provide flood coverage
Standard homeowners and renters insurance does not cover flood damage. Find out if you need flood insurance and learn where to get it. It's important to note that, as a rule, homeowners, condo owners, and renters insurance does not cover damage from flooding. To protect your home, be sure to understand the risk of flooding and your insurance options.
Because co-op and condominium owners share their building structures, two policies—a master policy and an individual policy—are required to fully protect all parties involved. Learn more about insuring a co-op or condo.
Yes. A person who owns his or her home would have a different policy from someone who rents. Policies also differ on the amount of insurance coverage provided.
Homeowners coverage provides financial protection against loss due to disasters, theft and accidents. Most standard policies include four essential types of coverage: coverage for the structure of your home; coverage for your personal belongings; liability protection; coverage for additional living expenses
It's important to protect your home with insurance and, if your home happens to be on wheels, there are some special considerations. Much like choosing the right mobile home, you want your insurance to fit your needs and lifestyle, but you also want the coverage to fit within your budget. Here are some guidelines for choosing mobile home insurance.
For many people, their home is their greatest asset, so it is crucial to avoid being underinsured. To properly insure your home, it is important to ask your insurance professional four key questions.
Yes. Floods, earthquakes and acts of terrorism are generally not covered.
Protection against flood damage.
Property insurance policies usually exclude coverage for flood damage. Find out from your local government office or your commercial bank whether your business is located in a flood zone. Also ask around to find out whether your location has been flooded in the past. Government projects to map flood zones may be slow to keep up with new developments.