You can get Home Insurance only if you own a property. This is because home Insurance covers the building insurance for which one need to own the property. However, if you stay in any home that you have rented, you can go in for renters’ Insurance which will cover the contents or your belongings.
In case there is no mortgage on the property, insuring it is voluntary and not mandatory. However, it is desirable to have Homeowners insurance as it provides financial protection against loss or damage to the property.
A Homeowners Insurance can be purchased from the insurance company after receiving a quote for it. It can also be purchased online. Even after buying the insurance, there is a lookup period of 30 days when the policy can be returned, after which it becomes applicable.
Home insurance policy covers not only the damage to the house and loss of personal belongings; but also covers the liability for damages and injuries caused to others. There are perils that are named, which are covered in the policy; whereas other perils not included can also be added by paying the additional premiums covered for these.
Homeowners insurance also covers Additional Living Expenses or ALE, which means that in the event of the property being damaged or destroyed and the owners have to stay elsewhere during the repairs; insurance company will pay for the stay expenses including meals. In fact, it also covers the loss of income in case it is rented out and the tenant had moved due to it requiring repairs.
You can buy your Homeowners Policy from the insurance companies through their sales representatives, who are captive agents or independent insurance agents who can sell insurance of different companies.