Don't be surprised by homeowner insurance requirements, or lack of.  Whether you’re a new homeowner or a seasoned one, your house needs to be covered with an insurance policy to protect your investment. 

In fact, if you borrowed money to buy your house, the lender requires you to have homeowners insurance. And once you repay the loan, an updated policy makes good sense. 

Here are some reasons for covering your investment with a homeowner policy:

• If your home gets destroyed, a homeowner policy allows you to rebuild from scratch—no matter how much you owe on the home, how old it is or its current market value. 

• Your homeowner policy will cover injuries sustained by someone on your property (like the delivery man slipping on an icy sidewalk) so you don’t foot the whole bill. 

• Homeowner insurance follows the people who live in your home wherever they go, so they’re still covered for potential liability issues that happen away from home. Let’s say you pick up a friend for coffee and her purse gets stolen from your car while you’re sipping lattes. Her homeowner insurance might reimburse her—no uncomfortable conversations necessary!

Remember, however, that some coverages aren’t standard. For example, flood insurance and earthquake coverage require a rider to your homeowner policy. But do you really need earthquake and flood insurance? Is the risk worth the savings?

Unfortunately, life is full of surprises. Luckily, when you're covered by Virginia Farm Bureau Insurance your local agent will work hard to make sure you're covered for whatever life throws your way.