You worked hard to own your home. It's not just a roof over your head — it's an investment. Homeowners insurance makes sure that your investment is protected.
If you're like most homeowners, you have a mortgage. And the odds are you already have a homeowners policy. Many people get their homeowners insurance when they close on their home, and don't give it a second thought. They just write a check every month to cover the premiums.
What's the big deal? It's one less thing to worry about, right? Here are two potential problems:
You don't have enough coverage. Your original policy may have been enough coverage to satisfy your lender, but may not offer enough protection for you now. Why would you need more protection? Maybe you remodeled your home, or added a garage. Maybe now you own more valuable property that isn't covered in case of theft. Or maybe you live in an area with a high risk of floods or earthquakes, or other disasters that your policy doesn't cover.
You're paying too much for coverage. Insurance companies are constantly competing on price. An expensive policy with one company may offer the same amount of coverage as a cheaper policy somewhere else. The only way to know for sure is to get quotes and compare.
The kinds of homeowners insurance can be broken down into two categories:
All-peril coverage covers any damage to your home, unless specifically excluded by the policy. For example, most all-peril policies specifically exclude flood damage.
Named-peril coverage only covers risks that are named in the policy.
And while it isn’t homeowners coverage, renters insurance provides similar protection for people who rent. A renters policy only covers the contents of your home, not the home itself.
The best way to find out more about your homeowners options is to work with an insurance agent. And our free service makes it easy to get connected with agents in your area.
When you use our service to request free homeowners insurance quotes, you'll be matched with agents in your area. They'll answer your questions and make you offers on policies that can save you money.