There are so many different options for home owner insurance, as well as variables that go into deciding what kind of policy to purchase. Below are some of the most frequently asked questions regarding home owner insurance to help make your decision a bit easier. 1. What is home owner insurance? Simply put, home owner insurance is just like any other insurance - it offers you financial protection in the event of property damage or loss. 2. Do I have to have home owner insurance? Not always, but in the event of property damage or loss, it's nicer to have than not. If you borrowed money in order to purchase your home, however, your lender may require that you have a home owner insurance policy until your home is paid off. 3. Are there different kinds of policies? Sure. Aside from policies that focus primarily on damage caused by different weather elements, theft, vandalism, etc., you can get a standard policy, which will insure your home and your possessions within your home, or you can get a package policy, which will cover your home and possessions as well as any liability or legal costs. 4. How do I find a good insurance company? Shop around. Different companies offer different policies at different prices. Some companies offer certain discounts and/or allow you to purchase more than one kind of insurance, such as both auto and home owner insurance. 5. What should I do once I purchase home owner insurance? Consider taking inventory of your home if you haven't already (some agents will request this). Along with listing all your valuables, take pictures and videos of everything. You may want to start hanging on to receipts, as well. You should also review your policy from time to time to make sure everything that needs to be covered is, and everything that doesn't need to be covered isn't. This can also help you save money.

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