If you have a mortgage, your lender is most likely going to require that you have homeowners insurance.That’s because the lender wants to be sure its financial investment in your home is protected should it be damaged.

Whether you’re buying a new home, or you’ve already paid off your mortgage, you may have wondered about the value of home insurance. Do you really need it? If you are like most people, your home is probably one of the (if not THE) most valuable assets that you have. Homeowners insurance may help protect that investment — and you — in a variety of ways.

While a standard homeowners policy helps provide protection for your house, its coverage typically extends to more than the physical structure of your home. It may cover additional structures like a detached garage or shed; your personal property like furniture, art and/or jewelry; liability coverage in the event of injury to one of your guests; as well as additional living expenses in the event that you cannot stay in your home after a fire or other major damage to your home.

While having a home insurance policy won’t prevent damage to your home or your belongings, it may help provide a financial safety net should the unexpected occur. If you have a policy in place, you may be better equipped to weather a storm or crisis knowing that your homeowners insurance may help cover the cost of damages and get you back on your feet again.