You've worked hard to buy your St. Peters home, and the last thing you want is to lose it. Homeowners insurance can protect you in a variety of emergency situations, helping you replace your home and belongings as needed to help you get back on your feet. It can also protect you from expensive lawsuits.

Homeowners insurance is not legally required in Missouri, but it is a common condition mortgage lenders require in order for you to get a home loan. Here's what you need to know about the most common coverage types. 

Liability 

Most mortgage lenders will require you to have some amount of liability coverage. This portion of your policy is there to protect you if someone gets injured on your St. Peters property, regardless of whether or not it could have been prevented.

If the injured person chooses to sue you for their injuries, your liability coverage will come into play then as well. Even if your lender doesn't mandate liability coverage, it is still a good idea to have some for your own peace of mind. 

Property Damage 

If a fire engulfs your home or termites cause structural damage, for example, property damage coverage can help cover the costs of the repairs. This is often true even if you have to rebuild your home entirely.

If you have a mortgage on your St. Peters home, your lender will likely require you to have at least enough coverage for a full rebuild, so you'll need more coverage for larger, more upscale homes. Of course, you can elect additional coverage to cover any budget overages as well. You can also add optional Loss of Use coverage to help pay your living expenses while your home is under repair. 

Personal Property 

Property Damage coverage only applies to the structure of your home, not its contents. To protect your belongings, you'll need Personal Property coverage.

You can set the coverage limit here as well, basing it on the total value of the items in your home like furniture, appliances, clothing, toys and other personal items. High-value items, like engagement rings and family heirlooms, will typically require separate coverage based on their individual values. 

Protect Your Home Today 

While your mortgage lender may require you to have homeowners insurance, you are not required to go with an insurer it selects. At Lang Insurance, we can help you evaluate your many options to choose the right homeowners insurance policy for your St. Peters home. Reach out today for a free online quote.

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