# Homeowners insurance

> Insurance that pays to repair or rebuild your home after damage like fire or storms, and covers your belongings and your liability. Your lender requires a policy before closing.

By David Knorr, founder of BuyWise Home. Last reviewed October 28, 2026. Web page: https://www.buywisehome.com/guide/glossary/homeowners-insurance

## Why it matters to you

Standard policies don't cover floods. Get quotes during due diligence: an old roof or other known problems can make a home cost more to insure.

## Related

- [Step 1: Am I ready to buy?](https://www.buywisehome.com/guide/ready-to-buy)
- [Step 8: Close and move in](https://www.buywisehome.com/guide/close-and-move-in)
- [Flood zone](https://www.buywisehome.com/guide/glossary/flood-zone): An area mapped as having a higher chance of flooding. Lenders require flood insurance there.
- [Escrow](https://www.buywisehome.com/guide/glossary/escrow): Money held by a neutral party until the deal closes, and later, your tax and insurance account.
- [Final walkthrough](https://www.buywisehome.com/guide/glossary/final-walkthrough): Your last look at the home before closing, to check it's as agreed.

_General information based on the standard Georgia REALTORS® purchase contract and public guidance. Your own contract decides: read it, and ask your agent or closing attorney about anything that matters. Not legal or financial advice._