Home Owner's Insurance

If you're like most Americans, your house is your biggest financial asset. Home insurance policies pay you for damages to your property from risks such as lightning, fire, smoke, and theft. Policies may pay to defend you in court if you're sued by someone who was injured on your property.

Home insurance is also called property insurance or fire insurance. It covers damage to structures and/or all the things you own inside your home, including furniture, clothes, TVs, and kitchen supplies. What type of home insurance policy is right for you?

• I own a single-family house. You need a homeowners policy.
• I own a condo. You need a condominium insurance policy.
• I own a mobile home. You need a mobile home owners insurance policy.
• I rent an apartment or house. Although your landlord is responsible for repairs to the house if disaster strikes, you're responsible for replacing your possessions -- your bed, your stereo, your dishes. You need a renter’s insurance policy, which will cover your personal possessions.