Whether you are a new home owner, or have owned your home for a longer period of time, there’s no doubt you have many questions about home owner’s insurance. You want to protect your home, your possessions, and your family. Below are five of the most frequently asked questions about home owner insurance. 

1. As a home owner, am I required to have insurance? Yes, in most cases, especially if you have a lender. It’s also wise to look into insurance if you are in the process of constructing your home, and even renting your home to someone else. 
2. What types of coverage does home owner insurance provide? Two types—casualty, which covers the home and contents, and liability, which covers anyone who is injured on your property. With both types the amount of coverage depends on the policy. 
3. Will the replacement cost be the same as the sale price of my home? No. The replacement cost will cover the amount needed to replace the structure and/or contents. Replacement cost is usually calculated based on the individual policy’s formula. It’s wise to take inventory and photographs of your home and contents.  
4. Will home owner insurance cover damage or theft outside of my home? It depends on the policy. Sometimes standard policies offer this kind of coverage, but if not, ask if purchasing the coverage at additional costs is an option. 
5. Are home-based businesses covered under home owner insurance? No, unless you qualify for an endorsement to your current home owner insurance policy. Otherwise, look into getting a business owners insurance policy. 

Of course, home owners will have more questions about home owner insurance particular to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When searching for a home owner insurance policy, be sure to ask about coverage relevant and beneficial to your own situation.