What Is Homeowner’s Insurance, and Do I Really Need It?
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. Homeowner’s Insurance Protects You From the Unexpected
Think of homeowner’s insurance as your home’s shield against life’s curveballs. It typically covers:
- Fire and smoke damage
- Theft or vandalism
- Storm and water damage (within limits)
Liability if someone’s injured on your property
It also helps cover the cost of repairing or replacing your belongings—and in major events, even helps pay for temporary living expenses if your home becomes unlivable.
Work with insurance professionals who understand mortgage requirements through our insurance brokers network to find comprehensive coverage that fits your budget.
2. Most Lenders Require It Before You Can Close
Homeowner’s insurance isn’t optional if you’re getting a mortgage—your lender will require a policy before you can close on your home. That’s because the lender is also financially invested in the property. Your insurance protects both you and them from losses if disaster strikes.
Calculate your complete monthly payment including insurance with the FHA Purchase Loan calculator or Conventional Purchase Loan calculator to understand total homeownership costs.
3. Review and Update Your Policy as Your Life Changes
Buying a policy isn’t a one-time thing. As you renovate your home, buy valuable items, or your local risks change, it’s important to review your coverage annually. Make sure your policy reflects what it would actually cost to rebuild your home today—not what it cost years ago.
Connect with advisors through our insurance brokers who can review your coverage annually as your home value and belongings change.
Need Homeowner's Insurance That Truly Protects You?
Insurance is required by lenders but choosing the right coverage protects your investment. Here’s how to get it right:
🛡️ Connect with mortgage-savvy insurance experts through our insurance brokers network
💰 Budget accurately using the FHA Purchase Loan calculator or Conventional Purchase Loan calculator with insurance included
📚 Understand all ownership costs at our buy a house page
⚡ Start with same-day approval to know your complete monthly obligations
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