For both homeowners and renters, understanding taxes and ensuring you have insurance, and the right type, is key.

Before you became a homeowner, your tax and insurance needs were probably pretty simple. An income tax form and some basic renters insurance were probably all you needed. Things are little more complex for homeowners, but homeownership is worth the hassle.

Having both renter’s and homeowner insurance is a very important, but often overlooked step. Do you know what would happen in the event of an earthquakes, theft, floods or other disasters? Making sure that your home is adequately insured and that you understand your policy is an important decision to ensuring your valuables are protected.