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A big aspect of buying your first house is the necessary home owner insurance. The purpose of home owner insurance is to protect the house as well as all of the belongings inside your house. The cost of your home owner insurance will be dependant on the value of your home and its contents. However, as often as you may need your home owner insurance, there may still be instances where it does not cover what you hope. The most common causes for a claim on your home owner insurance are for theft and fire. There are almost no cases in which a claim for these reasons is rejected.
There are other times when you may want to make a claim on your home owner insurance only to find out that it is not covered. For example, the basement of my house was recently flooded after a torrential downpour. A lot of water pooled outside the backdoor to the basement, and eventually started seeping in through small cracks. Despite having a good home owner insurance package, the claim was rejected because it was our fault that the doors were leaking. I understand how that could be interpreted as our own fault, but there is no way of knowing if the doors leak until a flood like this occurs. Now despite paying significant home owner insurance premiums, I will still have to pay for all the damages that occurred in my basement. Nonetheless, I will certainly maintain our home owner insurance in case of future need for it.
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