When you've invested your time and money in the purchase of a home, it’s a wise financial decision to protect your assets. One of the best ways to do that is to purchase homeowners insurance. If you're unfamiliar with what this is, below is an introduction to what homeowners insurance covers and how it can benefit you.

What Is Homeowners Insurance?

Home insurance is a collection of various coverage that protects you and your home against misfortune. The three main types of coverage included are dwelling coverage, personal property coverage, and personal liability coverage. The first pays for damages to the structure of your home, such as the roof, basement, walls, siding, and floors, due to named hazards. Typical hazards covered include fire, windstorms, falling objects, and vandalism. Typically, flood and earthquake damage are excluded, though you can purchase a separate policy if you want these covered. Personal property coverage pays for losses to your belongings, while liability coverage pays for repairs and medical treatments if you should accidentally injure someone or damage their property.

Why Do You Need Homeowners Insurance?

If you bought your home on credit, your lender will insist you protect their investment by purchasing coverage in the amount of the loan. Beyond that, you need coverage to protect yourself financially. Even if you own the home outright, it's essential to insure it so that you can afford to repair or replace it in the event of a disaster. Moreover, personal property coverage protects you even when you're away from home. Should your laptop or luggage be stolen from your hotel room on a business trip or family vacation, your insurer will cover the loss. Finally, medical and legal costs can total hundreds or thousands of dollars if you, or a pet, should injure a neighbor. Liability coverage would pay these, up to your policy limit.

To have a friendly, knowledgeable agent help you choose the right homeowners insurance policy, contact Robert Taylor Insurance in Lorain, OH. They serve individuals and businesses throughout the Greater Cleveland area. In addition to home insurance, they also specialize in auto, motorcycle, business, life, and renters insurance. Visit their website to speak with a representative about policy coverage or call (440) 277-5191 to request a quote.