For both homeowners and renters, understanding taxes and ensuring you have the right type of insurance very important.

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 more complex for homeowners, but homeownership can be worth the hassle.

Having both renter’s and homeowner insurance is a very crucial, but often overlooked step. Do you know what would happen in the event of an earthquake? Theft? Flood? Make sure that your home is adequately insured and that you understand your policy.