Homeowners insurance is a type of property coverage that pays to repair or replace your home and belongings if they are damaged, stolen or destroyed. It also provides personal liability protection for legal and medical payments if someone is injured at your home or you damage their personal property. This insurance is typically required if you financed your home using a home loan, but it is highly recommended to have/maintain even if you do not have a home loan.
For a general overview on how Homeowner's insurance works and what is typically covered, please see this article from MarketWatch.
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