What is homeowners insurance and who should buy this type of coverage?

Homeowners insurance is a necessity for most people since their home is their single largest asset. The typical homeowners policy has two main sections: Section I covers the building and personal property of the insured and Section II provides personal liability coverage to the insured. Almost anyone who owns, rents or leases property has a need for this type of insurance. Most Lenders require homeowners insurance as part of their requirements to obtain a mortgage