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 ?
With standard homeowner's insurance policies, coverage is provided for losses from fire, lightning, hail, explosions, and theft.
As mentioned, standard homeowner's insurance policies do not cover floods.
Homeowner's insurance policies can be obtained for a private home, condominium, or town house.
Some insurers cancel homeowner's insurance policies (HO-3) after a home is unoccupied for 60 days.
Similarly, personal property typically is covered in homeowner's insurance policies, but not in vacant property policies.
State Farm, the United States' biggest home insurer, has decided not to write any new homeowner's insurance policies for coastal communities stretching south from Delaware to North Carolina, according to spokesman Dick Luedke.
Cancellation and non-renewal of homeowner's insurance policies for natural causes is restricted, with such actions' being prohibited if three or fewer claims within a three-year period arise from natural causes.
Food spoilage from a prolonged power outage may be covered under some homeowner's insurance policies.
In addition to offering homeowner's insurance policies, Central Florida residents can also rely on Kimco Insurance, Inc.
Most homeowner's insurance policies provide limited coverage for personal possessions if they are stolen away from home.

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