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When you buy a house, there are many things to consider: where you want to live, the risks associated with the location, who you are getting a loan from, and home insurance. Here are five things you need to know about home insurance.

Not everything is included in home insurance.

When you think about home insurance, you might think that just about everything can be taken care of with home insurance. Unfortunately, that is not the case. There are things that home insurance won’t cover, also known as exclusions.

Some of the most common exclusions include:

Mold
Pest damage
Flooding
Earthquakes
Regular wear and tear

What home insurance includes

Although there are exclusions, there are a lot of things that home insurance does cover. Some of the things home insurance covers include:

Other structures
Dwelling coverage
Additional living expenses
Personal property coverage
Liability coverage

There are add-ons available

If you live in a place that has a high risk of flooding or other natural disasters, you might be required to have additional insurance added to your policy. The most common add-ons available are flood insurance, earthquake insurance, and natural disaster insurance.

It would be best if you had home insurance.

Even if home insurance isn’t required in your state, your lender most likely will require you to have home insurance if you are getting a mortgage for your home. Even if that is not the case, houses are expensive, so getting your home insured for extra financial protection is a good idea.

Do your research

Not all insurance policies are created the same. Some insurance companies are more expensive than others. It is essential to do your research to find the best rates and coverage options for your needs.