Generally speaking, homeowners insurance provides overall coverage for the structure of your home. A basic policy offers coverage for damages to your home and belongings inside it for events like fires, storms, explosions, etc. There are different types of homeowners insurance policies that provide more comprehensive coverage for a wider range of events.

Technically, no. You are not legally required to have homeowners insurance however, if you have a mortgage on your home then your lender will most likely require you to have some homeowners insurance coverage in order to be approved for the loan.

A calculation can be done to determine how much coverage you will need based on a few different factors that indicate how at-risk your home is to be damaged.

These factors include location and weather, the value and type of personal property that you keep within your home as well as potential liability risks within your home such as pools, etc.

There are a number of ways to reduce the cost of your homeowners insurance but the first thing you can do is to shop around and compare for the best price. Policy Scout experts can help you get the right plan in the budget that works for you.