One of the major reasons why you should have homeowner's insurance is because you won't be able to secure a home loan without it. You will also be required to have that policy in effect while you are still paying on your home. However, once the home is paid off, there is nothing legally requiring you to continue carrying the policy. But you really should consider keeping the homeowner's insurance policy because of all the benefits and protections that it awards you. Here are some of the things your homeowner's policy can offer to you as a homeowner.

Damages to the home are covered – If something happens to your home that would normally cost you a good deal of money to have repaired, you can instead make great use of your policy to have those things taken care of. A few examples of the types of things you may be able to have taken care of under your policy include plumbing, electrical, HVAC, flooring, countertops, windows, and roofing problems, just to name off a few.

Damages to outbuildings are covered – Along with covering the house itself, the outbuildings that are on the property will also be covered under your home owner's insurance policy. This includes things like the roof, the structure, the electrical, the doors, and anything else that can need repairs. Work sheds, storage sheds, mother-in-law quarters, connected or separate garages, and poolside changing rooms are some of the types of outbuildings that you can have taken care of.

Your belongings are covered – If you have included your personal belongings in your policy, then they are also going to be covered. This means if someone breaks into your home and robs you, the things that were stolen will be covered, and you will receive monetary compensation for them. Also, if a flood or a fire should damage the home and your belongings, then you will be compensated from the home and the things that were damaged.

You will be protected from a suit – If someone comes onto your property and they get injured, then the policy will cover their damages, so you won't end up being personally sued which can leave you financially drained depending on how much they are awarded. One example of how you would be protected would be if someone was walking up your sidewalk and tripped over a crack. They ended up seriously hurting their back and can no longer work. You would be looking at a big suit that would go toward their pain and suffering, their medical expenses, their loss of wages, and anything else their lawyer feels they may be due and can legally prove. With your policy, you can rest assured that you will be protected, at least up to the amount of your policy.

For more information on homeowners insurance plans, contact your local agency today.