Homeowners insurance is very important to help protect people's residences against bad weather, accidental damage, and other potential dangers. According to Value Penguin, 85% of homes are insured in the United States. Odds are your home is insured, too. Here are some of the main reasons why you need home insurance.

It Protects Your Top Asset

The most valuable asset that most homeowners have is their home. If something were to happen to it, then home insurance could fix or replace it so homeowners don't wind up becoming homeless. The cost to repair a home could be very high. The cost to replace a home certainly would be high, especially if you live in an area where home values are very high. Protecting a home and its adjacent property and structures helps to protect the families that live inside them and their finances.

It Provides Liability Protection for Accidents

All kinds of unfortunate accidents might occur that cause injuries or other types of harm to visitors or a neighbor or neighboring properties. Home insurance policies come with some level of liability protection for accidents that might harm others or their property. The liability coverage included with homeowners insurance policies protects your finances while enabling others to recover from any harm that they might suffer while in your home or on your property. You just need to maintain a reasonably safe home and property for the liability coverage to apply.

It Is Required by Mortgage Lenders

Most people have mortgages that enable them to buy nice homes. The lenders who underwrite the mortgages require the borrowers to obtain a suitable amount of home insurance that will pay off the lenders if the home is severely damaged or destroyed due to some mishap or maybe a natural disaster. If the home is located in a designated flood plain, then the insurer will require flood insurance protection for it. Coverage for wind and hail damage could be required in locales that see lots of that type of weather, too. Whatever perils are common to a particular area, a mortgage lender likely will require a reasonable amount of insurance protection for the home.

You can call or visit us to learn more about homeowner's insurance and how it can protect your property. Most policies can be customized with insurance riders that tailor the policy to your specific needs. Get in touch with our team at XL Brokerage Inc to get the insurance you need.