When shopping for home insurance, there’s much more to consider than how much your coverage will cost.

You need to buy the right type of policy. You need the proper level of protection, plus special provisions for valuables such as jewelry, your computer equipment and other possessions. You might also need additional coverage for such things as earthquakes or flooding.

Lending institutions usually require mortgage customers to purchase homeowners insurance. Don’t rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself, but not necessarily your possessions. That’s why it’s important to check with your agent or insurance company, to make sure you have adequate coverage.

Why do I need Home Insurance?
It's where you live and where your possessions are. Chances are, it's your greatest asset. But more than possessions and assets, it's your home…and you need to protect it.

Property Insurance helps provide peace of mind when:

Bad things happen. Simply put, insurance provides a safety net for you and your family when certain unfortunate events happen like theft, fire, burglary and vandalism…You need liability and guest medical protection too. For example, if your neighbor slips and falls in your kitchen, you might need these coverages to help pay for medical expenses.

You need to replace, repair or rebuild. If your home were destroyed by fire today, you'd need the financial resources to replace or repair it.

Your lender requires it. When you buy your house, you'll probably need to provide your policy "in hand" at your closing. If you're building a new home, you may need to have special coverage while your new home is being built.

What is in a standard homeowners insurance policy?
A standard homeowners insurance policy includes four essential types of coverage. They include:

Coverage for the structure of your home.
Coverage for your personal belongings.
Liability protection.

Additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.

What are the coverage factors?
Whether you rent or own your home, you've got a wide range of property insurance products and coverages* to choose from .

First, understand which coverage elements are common among all property insurance policies:

Personal Property: To protect movable personal property, mostly within your home. Certain coverage limits apply.
Family Liability Protection: To pay for covered damages which you're legally obligated to pay.
Guest Medical Protection: To pay medical expenses for your guests who are accidentally injured on your property as a result of a covered loss.
Additional Living Expenses: To pay the reasonable increase in living expenses if your home becomes uninhabitable after a covered loss.

What should I consider?
Depending on where you live: a house, condominium, mobilehome or an apartment, you'll probably have different insurance needs. Your situation is unique and your insurance should reflect what's right for you.

Select the scenario that best describes your situation:

Whether you are buying a home.
Whether you got a condominium.
Whether you got a mobilehome.
Whether you are renting a home.