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Purchasing a home is a big financial responsibility. Many people purchase that property with a long-term mortgage. During the time the mortgage is in place, and even afterwards, it is critical to ensure you have adequate home insurance. This type of financial investment may be a requirement to some, but it is always a good idea. It provides protection for the property in cases of unintentional or unavoidable damage to it.

whatWhat Is Home Insurance?

As most insurance policies work, this type of financial safety net requires the policyholder to make a premium payment annually. That allows the home to have coverage for a set dollar amount. Should the house be damaged by a covered event, the insurance coverage becomes available to repair the home.

Most policies also have a deductible. This is a set dollar amount the policyholder must pay prior to the coverage kicking in. For example, if a home catches on fire, the adjuster from the insurer visits the home to estimate the damage value. Then, the homeowner must pay the deductible, which will range based on the specific level the homeowner sets with the agent. Once this is paid, the remaining balance is paid by the insurer to the homeowner so repairs can be made.

whatWhy Do People Need It?

In some situations, it is a requirement to have a house insured, like when the homeowner has a mortgage. In the contract he signs with his lender, the owner states he would keep comprehensive insurance on his home. Additionally, this protection is necessary simply because of the risks any property faces. Most policies provide the following coverage, or you can add on these protections.

• Theft, including damage to the structure and loss of property.
• Fire, all types of damage, including that from the water used to put it out as well as smoke.
• Vandalism, as long as the owner is not responsible for it.
• Flooding, which may be an add-on protection if you live in a flood zone
• Weather events, depending on your area, this may include damage from wind, earthquakes (an add-on), hurricanes and hail.

Some policies have exclusions. These are specific things not protected by the policy and are specifically listed on the document. Acts of war, for example, are often not covered.

whatWhat Are the Benefits of Obtaining It?

Once you have home insurance, you can relax knowing that your home is financially protected. If an event where to occur that was beyond your control, the homeowner would not lose his or her property. Most policies will even cover a complete rebuild of the home if it is lost to fire, tornados or other destructive events. Without this protection, the homeowner would need to pay for the rebuilding costs out of his own pocket. Additionally, he or she would still be liable for the mortgage.

For all of these reasons, having insurance on your home is critical. You can find affordable policies that keep deductibles and premium payments lower. Additionally, it is possible to add-on protections for high-end electronics, valuables and businesses located in your home and enjoy peace of mind.

There are 2 good ways to obtain quotes for home insurance on the net. You can either file an application directly on an insurance company's website or alternatively, get multiple competing quotes by using an online quote service. Both ways are legitimate, but it's advised to work with a reliable, BBB accredited company or website for maximum confidence.