Homeowner’s insurance (sometimes known as house insurance) is a requirement, not a luxury. Not just because it safeguards your home and belongings from harm or theft. Almost all mortgage companies require borrowers to have insurance coverage for the full or fair market value of a property (typically the purchase price) and will not make a loan or finance a residential real estate transaction unless they have this coverage.
You don’t even have to own a home to get insurance; many landlords insist on their renters having renter’s insurance. Regardless of whether it is mandated or not, it is prudent to have this level of security. We’ll go through the fundamentals of homeowner’s insurance coverage.