Does Your Homeowners Insurance Provide Adequate Coverage?

Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost

While the definition of "adequate" coverage depends upon a homeowner's unique circumstances, you should ideally have sufficient insurance to cover the cost to rebuild your home and replace your personal belongings, along with liability insurance should someone accidentally get hurt on your property.

Homeowners Insurance 101

There is no law requiring you to purchase insurance on your home. However, if you secure a mortgage to finance your home, your lender or bank will generally require you to buy and maintain insurance on the property, and in some instances, Condominiums and Cooperatives will require this as well.