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 ?
Gulf Coast Educators Insurance is available to review your homeowners insurance policy with you and if a robbery does take place we will be there to help with your claim.
There were many, many calls from people who had lost everything and were in disbelief when informed that they had no coverage under their homeowners insurance policy.
Customers who have both a life insurance policy and a homeowners insurance policy issued by Los Angeles-based Farmers can qualify for a 5 percent discount on their homeowners policy.
Parents of an adult child molester are covered under their homeowners insurance policy for their failure to prevent the molestation, the Alaska Supreme Court has ruled, provoking protests from insurers and trade groups.
Liability Insurance: Co-ops should require the tenant who is subletting the apartment to provide a homeowners insurance policy and a certificate of liability in case any damage occurs during the period of the sublet tenancy.
As a homeowner, you may think that your Homeowners Insurance Policy would respond in each of the above situations to defend you against these lawsuits and to pay out any judgment the injured parties obtain.
Consumers should also check to see if their homeowners insurance policy will cover such losses.
Many consumers are unaware that this discount is available since it is not required in order to obtain a Florida homeowners insurance policy.
How Americans in Coastal Areas Prepare for a Hurricane Have a personal disaster evacuation plan or kit 44% Reviewed homeowners insurance policies within the past 12 months 69% Updated homeowners insurance policy in the past five years 69% Made an inventory of their personal possessions 37% Made improvements to their home to prepare for a hurricane 27% Homeowners with insurance who have a separate flood policy 23% Feel they have the "right amount" of insurance coverage 48% Stored important documents in safe place 38%
The Oregon Supreme Court has reversed a lower-court decision that held that an Oregon property owner whose tenants operated an illegal methamphetamine laboratory could collect damages under the property owner's homeowners insurance policy.
The standard homeowners insurance policy covers damage caused by fires, explosions and falling debris.
The multi-line discount comes into effect when a client has more than one line of business with Gulf Coast Educators Insurance, such as a homeowners insurance policy and watercraft insurance policy.

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