Homeowner's insurance

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Homeowner's Insurance

Insurance that the buyer of a private residence purchases providing coverage for most damage to the residence. Typically, homeowner's insurance covers damage from fire, deliberate or accidental destruction of the home by a person, and other, similar matters. Nearly all homeowner's insurance policies exclude acts of God like earthquakes and floods from coverage, though one may buy supplementary policies to cover these eventualities.

Homeowner's insurance.

Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft of personal possessions, and liability in case of lawsuits based on incidents or events that occur on the property.

To obtain the insurance, which is based on the value of the home and what is covered in the policy, you pay a premium set by the insurance company.

For each claim there's generally a deductible -- a dollar amount -- that you must pay before the insurer is responsible for its share. If you have a mortgage loan, your lender will require you to have enough homeowners insurance to cover the amount you owe on the loan.

Homeowners insurance policies vary substantially from contract to contract and from insurer to insurer as well as from region to region. Almost all policies have exclusions, which are causes of loss that are not covered. All the coverage and exclusions of a particular policy are spelled out in the terms and conditions.

References in periodicals archive ?
It is important to be aware that while homeowner's policies do generally give a small amount of insurance on business inventory, there are strict exclusions for liability claims arising from any "for-profit" activities.
At the same time, homeowner's policies go one step further to cover what's inside your home.
Like Cary, you shouldn't settle for the shortcomings of the most basic of homeowner's policies.
As a launching point, consider this: ordinary homeowner's policies assume that whatever you have covered will not be worth more than what you paid for it.
The fact is, most homeowner's policies limit coverage of items like jewelry, stamps, guns and silverware.
Most homeowner's policies contain an express exclusion for liability coverage where loss arises from the "ownership, use or operation" of an automobile.
Levinson stated that many people are not aware that a separate or additional policy is needed for damage caused by flooding and commented, "Discovering that coverage for water damage doesn't exist after the storm has passed can mean financial disaster for property owners who thought they had coverage through their homeowner's policies.
Levinson stated that once a storm warning has been issued, insurance companies will not provide flood insurance policies or new homeowner's policies covering weather damage.
Typically, homeowner's policies exclude damages from widespread power outages, but may cover losses from a blackout that occurs on the policyholder's property - such as if a tree falls and severs a power line to your home.
Washington will rely on ISO HomeValue to estimate replacement values for underwriting all new homeowner's policies.
Later this year, real-time quotes and online purchases are expected to be available for auto and homeowner's policies from many participating carriers.

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