A home owners insurance policy is an essential tool for the modern home owner. Although policies can change depending on where you live or what kind of assets you own, the typical policy will protect you from hailstorms, windstorms, and other unfortunate events. What is covered under your policy can depend on what you own or where you are located, but most policies will protect your house, garage, and other structures on your property. Most policies will also pay you money for the extra cost of living while your house is being rebuilt or repaired!
Home insurance is also necessary if you plan on having guests over. If one of your guests falls over on your uneven porch the insurance policy indemnifies you from all costs associated with court fees and medical expenses related to the accident. This is important to saving you from personal liability. Often time people with bigger estates and more assets will even buy an umbrella policy to increase the amount of money so that you are never held financially responsible for any accident.
Although a home owners policy does cover the majority of issues you will ever face, there are a few exclusions you should know. Many insurers will not cover aggressive dog breeds. Each insurer will differ on the exact breeds so you will need to consult your actual policy if you have an issue about an animal. It is also common practice to exclude any damage (medical and structural) resulting from any mold.
Having a home owners policy is one of the best ways to make sure you are covered in the event of an accident or damage, if it were to occur. It ensures that you are not personally reliable for the damages that happen. Remember that a small amount of insurance is still better than none at all!