Owning a home is a sizeable investment, so it makes sense to get homeowners insurance to protect it from unforeseen events. Home insurance isn’t legally required, like car insurance, but most property owners want peace of mind in case of damage by burglary, fire, water,or some other disaster. It is contractually required by mortgage companies.

Home insurance typically covers you for damage to the building and detached structures on your property (such as a shed or garage), theft or damage of contents inside the home and personal liability if someone injures themselves while visiting. Home insurance policies will also cover living expenses if you’re forced to leave your home due to an insured loss or damage.

Most home insurance companies also offer a range of optional coverages, so you can choose the package that best suits you. With general coverage, you should be able to get comprehensive insurance at an affordable price, including sub-limits for specialty items like jewelry. You also have the option to schedule your jewelry.

The main benefit of home insurance is that if something happens to your home or belongings, you don’t have to pay out a large sum of money all at once. By paying the insurance company an annual premium for the policy, they’re the ones who will pick up the cost of replacing your home or belongings, not you!