If you are new to home ownership, you might not realize how important homeowner's insurance really is. Homeowner's insurance is something everyone should have if they own a home, as it offers coverage for many different things. Once you get home insurance, here are three reasons to never allow a lapse in your coverage.

It Protects Your Assets

Homeowner's insurance is designed to protect you against financial losses if your home is destroyed by a fire or any other type of natural disaster, but this is not the only thing your policy covers. Your policy should also cover everything you own inside your home.

If a fire consumes your house, your policy should offer enough coverage for you to rebuild or repair your home, and for you to replace everything you had inside your house. Without home insurance, you would be left homeless and without anything if your home was destroyed.

It Protects You Against Accidents

Homeowner's insurance does not only protect your house and your belongings, though; it also protects you personally against lawsuits that could arise from injuries that occur on your property. If, for example, someone came to visit you and was injured from tripping over something in your backyard, that person could sue you for damages.

If you did not have homeowner's insurance, you would be responsible for paying the costs of the medical bills for the person. With homeowner's insurance, you could file a claim for the accident, and your insurance company would pay for the costs of the injuries.

This part of your policy is called liability protection. It offers coverage for many different types of accidents that may occur at your house, including dog bites and damage from trees falling on cars.

It Protects Your Lender

The other key purpose of homeowner's insurance is protection for your lender. If you owe money on your house, it means you have a mortgage lender. This lender will require that you have homeowner's insurance coverage on the home at all times, and there is a good reason for this.

If a disaster destroys your home, you might not be able to repay the mortgage you owe on the house. If you had home insurance, the insurance company would repay your mortgage in full. Because of this, lenders always require home insurance.

If you are in the process of buying a house, you will need to find a good homeowner's insurance policy before you close on the loan. To learn more about this, contact an insurance company of your choice today.