Your home is one of your most important investments, so it makes sense to protect it with homeowners insurance. Moreover, if you financed the purchase with a mortgage, your lender normally requires you to insure the structure to protect their loan. Thus, you should be aware of the advantages of having this type of coverage. To that end, Robert Taylor Insurance, a trusted agency in Lorain, OH, walks you through some of the important benefits of home insurance below.

3 Key Benefits of Buying Homeowners Insurance

1. Protect the Structure

The fundamental purpose of home insurance is to protect the building against the possibility of its damage or destruction. Home insurance pays to repair or rebuild the home in the event of a terrible event like a fire or storm. Typically, a homeowners insurance policy does not cover flood or earthquake damage, but you can purchase coverage for an additional amount. Ask your insurance agent if this makes sense for your situation and locale. 

2. Protect Your Personal Belongings

Homeowners insurance also reimburses you for the loss of personal belongings, whether due to theft or damage to the home. This includes furniture, appliances, clothing, electronics, and other items. If you have any high-value belongings like artwork, expensive jewelry, or collectibles, you might have to purchase a separate policy to cover them. Be sure to photograph or otherwise document your ownership of these items to settle any payout disputes should ever you have to file a claim.

3. Protect Against Liability

A home insurance policy contains a liability component that protects you if you injure someone or damage their property. It pays for repairs or replacement, as well as the costs of medical treatment for injuries. Moreover, if a lawsuit arises out of the event, homeowners insurance pays the legal costs to defend you, including lawyer fees, court costs, and judgment or settlement amounts.

To discuss the purchase of homeowners insurance, contact the experienced team at Robert Taylor Insurance. They're the premier home, life, and auto insurance brokers in Lorain, OH, with more than 25 years in business serving customers throughout Northeastern Ohio. Call them at (440) 277-5191 to request a quote, or visit their website for directions and office hours to stop by in person.