While home insurance adds an expense to your budget, it also provides security for homeowners and renters. By purchasing home insurance, you save money in the event of natural or man-made damage to your home or possessions. Make home insurance a priority for peace of mind and financial security.

Even if you do not live in tornado alley, home insurance is a wise investment. Damage from hail, ice, wind, lightning, theft or accidents can destroy your home or personal possessions. Home insurance covers repair or replacement and saves you from paying out- of-pocket for a new home.

Home insurance policies cover the replacement of your primary dwelling, outdoor property structures and household contents. Be sure to purchase guaranteed replacement value insurance. With inflation, you will pay more to rebuild your home or replace your possessions than you paid to purchase the items. Ensure you can afford to recover after damage by purchasing guaranteed replacement value insurance.

If you own jewelry, antiques or collectibles, add an endorsement to your home insurance policy. To add an endorsement addendum, secure an appraisal for the valuable items and send it to the insurance company. Endorsements expedite the claims process if your valuables are damaged, lost or stolen.

Add loss of use coverage to your home policy. If you must leave your home due to a covered claim, your living expenses are covered. Pay for hotel, restaurant or transportation fees until your home can be fixed.

Accidents happen. By including personal liability protection and medical payment coverage in your home insurance policy, you protect yourself. If someone files a lawsuit or requires medical treatment after sustaining an injury while on your property, you can file an insurance claim to cover your financial obligations. Personal liability protection and medical payment coverage provide important protection after accidents.

Make sure you update your home insurance policy annually. Increase coverage if you make home improvements or purchase expensive furniture. Evaluate your coverage if you install a swimming pool, erect a trampoline or tear down a garage.

Home insurance pays for replacement or repair sustained by your primary dwelling, other property structures, and personal possessions. You can also include insurance coverage for loss of use, liability and medical payments. Despite the expense, homeowners and renters cannot afford to drop home insurance.

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