When you buy homeowner’s insurance, you sign up and pay money into a “community accident pool”. If a community member has an accident, the community reviews the accident and pays for the accident from the pool.
Home insurance gives you property coverage (your stuff) and liability coverage (other people’s stuff). The most common property losses are hailstorms, water and freezing, fires, theft and jewelry losses. The most common liability losses are dog bites, trampoline injuries and injuries to people.
If you have a mortgage on your home, the bank’s contract will require you to have insurance. They want to make sure that if your house burns down, their loan to you will be paid back. This is the best reason to have home insurance: in the event of total loss, you want to get back on your feet.
Is home insurance worth it? Of the 50 states, Wisconsin has the 4th least expensive insurance. For most people, owning a home is the largest financial decision in a lifetime. Insurance is protection against accidental financial catastrophe.
**Contact a Behnke Insurance agent for details**