Home insurance is not only essential for homeowners with a mortgage, it is a legal requirement. Coverage should allow for the assessed value of rebuilding damaged or destroyed property. It is imperative that buildings are covered from the first day responsibility or ownership for your property is accepted. Even if you do not have a mortgage, it is recommended that you have buildings insurance to cover the possible hefty costs if something were to damage your property. Buildings insurance usually covers the loss or damage as a result of weather (storms, wind, flooding, lightning, extreme cold), natural disasters, purposeful harm (theft, vandalism, arson), and accidents (fire among others).
Contents insurance is a necessity for both homeowners and tenants to cover the value of possessions or property in the event of damage, destruction, or loss. This includes all non-permanent structures and fixtures in your home, as well as furniture, appliances, electronics, and some valuable. This may be a good option for high-risk individuals and families, such as those with children or pets, or those that travel with items of value.
