Homeowners Insurance



Most people need homeowner’s insurance because their home is their single most expensive asset, which, if lost, would create financial hardship for most people. Also, virtually all mortgage lenders require that the mortgagor buy insurance to cover their security for the loan.

Most people need homeowner’s insurance because their home is their single most expensive asset, which, if lost, would create financial hardship for most people. Also, virtually all mortgage lenders require that the mortgagor buy insurance to cover their security for the loan. Most homeowner policies cover the dwelling, other structures on the property, the contents of the dwelling and other structures, and will also pay for living expenses if the primary residence is uninhabitable. Most also provide personal liability insurance. Homeowner’s insurance is available for 1- to 4-family dwellings. No more than 2 families or 2 boarders may occupy any single residence. Although homeowner’s insurance is for private residences only, certain businesses can be included, such as day care or home offices established for a business or profession; however, it does not cover professional liability, which should be purchased as a separate policy. There are also different policies for condominium or cooperative owners and renters.