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The Basics of Home Insurance

If your home burned down in a fire or you were robbed and lost your television, stereo, computer, jewelry, and other valuable items, would you have enough money to replace what you lost? And even if you did, would that wipe out most of your savings?

Home insurance protects you financially if a disaster happens by providing the money necessary to fix or replace your property. Home insurance helps by providing:

  • Money to rebuild or replace your home (if you're an owner)
  • Money to replace your property (furniture, clothes, appliances, etc.) if it is destroyed, stolen, or damaged.
  • Liability protection in case someone gets hurt in your home or if you somehow injure someone or damage their property (no matter where it happens).
  • Money to cover additional living expenses if you are forced to move out of your home because of a fire or other disaster.

There are three basic kinds of home insurance, depending on whether you own a home, a condominium, or rent. To learn more, click on the one that is right for you:

Homeowners Insurance
If you own a home (or are planning to buy one)

Renters Insurance
If you rent

Condominium/Co-op Insurance
If you own a condo or co-op (or are planning to buy one)

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Why do I need home insurance?

What is meant by "dwelling" and "other structures?"

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