Everyone who rents or owns real estate should have some form of homeowner's insurance. The applicable rule of risk management is that we should not risk a lot for a little. Few can afford a total loss of all personal belongings and/or a home. The relatively few dollars spent to insure them provide substantial peace of mind.

Homeowners need protection against liability and theft or damage to their property.

The main reason you buy homeowner's insurance is to compensate you for property damage or loss, no matter what the reason. In addition to reimbursing you for lost or damaged property, homeowner's insurance protects you and members of your household against claims and lawsuits for injuries or property damage that you or your family members may have caused.

All policies will include both property insurance (typically with a $250 deductible), and personal liability insurance with no deductible.

The five most common forms of homeowner's insurance are:

 · Basic
 · Broad
 · Special
 · Tenants
 · Condominium and cooperative apartments

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