Tobin insurance protects you and your assets from the financial risk of something going wrong.
It can’t stop something happening, but if something unexpected does happen that is covered by your policy it means you won’t have to pay the full cost of a loss.
The median home price in the United States hovers around $200,000, which means your home is the biggest investment you’ll likely make in your life. The purpose of homeowner’s insurance is to protect that investment should it be damaged or destroyed. That said, it’s pretty important.
However, protecting such a big investment doesn’t have to cost a fortune. Once you think carefully about how much home owner’s insurance you need so that you’re adequately protected, there are plenty of ways to trim costs.
To know whether you’re covered, you should ask two questions: what was damaged and what damaged it? Insurance companies call an event that damages your property a peril. Here are some perils most home insurance policies cover:
