If you’re a new homeowner you might not be familiar with homeowners insurance. People who have only had renters insurance might not realize the different types of coverage that you need as a homeowner.

Structural Coverage

The most important component of homeowners insurance is structural coverage. This coverage protects the physical structure of your home, such as the roof and walls.

Liability Protection

This coverage will help protect you if someone files a claim against you if they were injured inside your house or on your property. If you think your friends would never sue you, don’t forget that you will most likely have several service providers in your home. Service providers can include the cable company, plumbers and handymen. This coverage can also protect you if you (or your pets) cause damage to someone else’s property.

Personal Property Coverage

This coverage is similar to renters insurance, which covers your personal belongings in the event of an accident or theft. Most people don’t realize that this coverage generally protects your belongings even if they’re stolen or damaged of your property.

Additional Living Expenses

This coverage will pay for costs incurred if you can’t live in your house due to a natural disaster. It includes hotel and restaurant expenses.

You may also want to look into flood insurance, guest medical protection, and a personal umbrella policy to ensure you have the most coverage possible for your new home.