Homeowner’s insurance offers protection if your home or personal possessions are damaged. Home insurance policies give you coverage against damage or loss caused by storms and severe weather, vandalism, and theft. Depending on the policy, your home insurance may also cover compensation for accidents that occur on your property.

Across the US, the average homeowner pays about $146 per month for homeowner’s insurance. However, the cost can vary greatly depending on a variety of factors, including your home’s value, your location, coverage options, and the deductible.

If you plan on obtaining a mortgage to buy a house, you’re likely going to need homeowner’s insurance. When buying homeowner’s insurance for the first time, it’s important to shop around, check coverage limits, review exclusions, and select a suitable deductible.

Homeowner’s and renters insurance include a deductible. You’re responsible for covering the deductible out of pocket before the insurance coverage kicks in to cover the rest. A high deductible means that you pay more if damage occurs but are likely to get a lower premium.

Condo insurance is a type of insurance policy bought by owners of condominium units. As with homeowner’s insurance, it offers coverage for certain events that result in the damage or loss of your property, including fire, strong winds, theft, and vandalism.

Most homeowner’s insurance policies include personal property coverage, which is a type of coverage for your personal belongings. If your clothing, furniture, or electronics are damaged in a fire or stolen, your personal property coverage may be able to cover the cost of replacing them.