You have an insurance policy for just about every facet of your life, and your house is no exception to this rule. It’s important to find a home insurance policy that protects not only the structure of your home but the surrounding property and what’s inside your household as well. Here’s what you need to know as a homeowner as you explore the marketplace for the right insurance plan for your house and belongings.

Home insurance, also known as house insurance, can help cover the cost of repairing or replacing your house if something unexpected causes damage. This can range from a strong weather event and lightning to fire or malicious damage. A home insurance policy expands beyond the physical structure of a house to permanently attached fixtures, like showers and even solar panels. Our homes and investment properties are often the most significant assets we will ever own, so it makes sense that homeowners would consider a level of protection that provides peace of mind.

With a variety of hazards that can strike at a moment’s notice, homeowners coverage focuses on damage caused by storms, fires, vandalism, and specific forms of flooding. This form of insurance covers repairs to a home or other constructions on property like sheds and stand-alone garages. The cost of home insurance coverage varies based on your unique needs. An older home may come with a higher premium for coverage as there is a greater risk of structural damage. Where you live can also impact the cost of property damage insurance, as you’re more susceptible to these dangers in certain areas.

While a home insurance policy will cover the structure of your household, contents insurance takes care of what’s on the inside. Oftentimes, insurance companies will pair these two lines of coverage together to afford homeowners peace of mind. Contents insurance policies are designed to cover the cost of some household belongings if they’re damaged, lost, or stolen. This usually stretches to your possessions and those of your family members under the same roof. This can include a variety of items ranging from clothing and jewelry to computers and televisions.

There are different forms of contents insurance under a home policy. Under new-for-old insurance coverage, your insurance company will cover the replacement cost of your lost, damaged, or stolen goods with the full cost of a new item. This value can sometimes be more than the original, so these insurance policies tend to cost more than its counterpart. That’s known as replacement-at-value coverage. The values of items depreciate over time to repair or replace damaged items.

Homeowners insurance coverage is a must-have for property owners to afford them peace of mind. It’s also good to have even if you’re renting out your home or a floor of it to renters. While landlord insurance will act as home insurance in these circumstances, a renter may also want to invest in contents insurance for their belongings. This ensures that in the event of a fire or weather event, you will receive a payout to cover the cost of replacing the items that were damaged.

Renters insurance can help to cover the repair or replacement cost of certain valuables if they’re damaged by storm, fire, theft, malicious damage, or escape of liquid from a pipe burst. Whatever your insurance needs, don’t hesitate to explore home insurance quotes to make sure you’re getting the most for what you’re willing to pay in monthly insurance premiums. After all, a homeowners policy can save you a headache, in the long run, should an incident arise.