Your mortgage company will require a homeowners policy if you are purchasing the home with a loan. But even if you are purchasing a home with cash, insurance is still a great idea. While there is coverage for the structure itself, a home policy will offer additional coverages. Some of these coverages include:

• Dwelling: This is coverage for the structure of the home and anything attached to it.
• Other Structures: Anything unattached to the home would be covered under Other Structures. Examples would be an unattached garage, gazebo, or shed.
• Personal Property: This is coverage for any personal property in your home. Personal property includes appliances, furniture, clothes, etc.
• Loss of Use: In the event of a loss to your home, you may be temporarily displaced. The loss of use coverage will pay your expenses to live elsewhere while your home is repaired or rebuilt.

Homeowners policies can also protect your jewelry, collectibles, artwork, and other valuable items, usually via an endorsement to the policy.