Your home may or may not look like a castle. Whatever the case, that old saying is true; your home is your most valuable and expensive asset and should be protected. Home Insurance offers financial and liability protection for your home and possessions.
You need Home Insurance to cover the structure of your house or condo, your personal belongings, the cost of living expenses in case your home is damaged and you have to move out during the repair work period. It also covers liability claims that result from property loss and injury caused to other people. Purchasing enough Home Insurance provides sufficient coverage in the event of a total loss of your house and its contents due to a disaster.
It is also important that you are insured in case someone gets injured on your premises and sues you, or in case you or your family members cause damage to other people’s property. Some policies also include damage caused by household pets. Homes should be insured for 100% of their value so that your insurance company will have to pay you the full amount of the costs to rebuild. If you don’t have enough Home Insurance, you will be paid only some portion of your home’s value, which may be insufficient to replace or repair lost or damaged property.