Whether you’re buying your first home or downsizing after your kids have moved out, you’ll need a homeowners insurance policy for your property. However, even experienced homeowners do not always understand what the policy covers and why it’s so important for the safety of your home. The team of Farmers Mutual of Tennessee independent agents located throughout Tennessee wants to help. They can explain what homeowners insurance is, why it’s essential and provide you with the best coverage for your home.

What Is Homeowners Insurance?

Homeowners insurance is a type of policy designed to protect your home in the event of a disaster. Each policy will be different, but if your home is damaged by a fire, severe weather, theft, or vandalism, the insurance policy will reduce the amount you need to pay out-of-pocket to repair the damage. Furthermore, it protects you from liability should a guest or visitor be injured on the property, reducing your risk of surprise expenses and potentially devastating lawsuits.

Why You Need It

If you finance a home through a mortgage lender, there’s a good chance you’ll need a policy before they’ll give you the money. This is a way for them to protect their investment while helping you reduce out-of-pocket expenses in case the home is damaged.

While these policies may not be required if you fully own the home, they’re still beneficial. Without homeowners insurance, you’re responsible for the full cost of replacement and repairs, which are not cheap. Replacing your roof after a severe storm can cost thousands of dollars without insurance, and covering the cost of all your electronics if a break-in happens can leave you reeling. A good home insurance policy reduces out-of-pocket expenses, so you won’t have to worry about depleting your savings.

Whether you’re buying a new home or want a new quote on an existing home, there is an independent agent near you who can help. Farmers Mutual of Tennessee’s experienced independent agents will accurately assess the value of your property and find affordable coverage without sacrificing protection for your home. Learn more about their property insurance coverage online, find an agent near you or call (800) 824-9555.