Your home in Idaho or Washington is a valuable asset, and it deserves robust protection in case of emergency or natural disaster. A homeowners insurance policy can help to cover the costs of repairing any damage to your home, and it can also be used for medical expenses if someone is injured on your property. Here's what you need to know about this important type of insurance policy. 

When You Need Homeowners Insurance 

In most locations, including Washington and Idaho, homeowners insurance is not required by law. However, just because there are no legal penalties for forgoing this type of insurance, that doesn't mean that you should skimp in this area. Without homeowners insurance, you could be left with no home and a hefty bill if disaster strikes. 

If the prospect of losing the home you have worked so hard for isn't enough to convince you to buy homeowners insurance, your mortgage lender may require you to have it. As long as you owe money on your loan, most lenders will require you to have at least enough coverage to fully replace the structure of your home if it is destroyed. Once your loan is paid off, this insurance requirement will go away, but it is still smart to maintain it for your protection and peace of mind. 

Homeowners Insurance Components 

Homeowners policies typically include two primary coverage categories: liability and property. Liability coverage will come into play if someone gets hurt in your home or elsewhere on your property. If the injured person chooses to file a lawsuit against you, your policy can cover their medical expenses and other costs so you don't have to use your personal assets. 

Property coverage refers to the physical structure of the home itself. If the house is damaged or destroyed in a fire, flood, hailstorm or other disaster, this coverage can pay to repair or rebuild it, so it is important to have enough coverage for a full replacement. General wear and tear, as well as damage due to neglect, typically are not included under most homeowners policies. 

The contents of your home, including furniture, appliances and personal belongings, generally aren't covered either, though you can add personal property coverage to your policy to cover replacement of these items. Jewelry, antiques, fine art and other expensive items may require additional, individual coverage due to their high monetary value. 

To learn more about homeowners insurance in Idaho or Washington, call Kuespert Insurance Agency today for a free, no-obligation consultation.

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