Homeowner's insurance

(redirected from Homeowner's Insurance Policies)

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
* Remember: basic homeowner's insurance policies do not cover flood, earthquake or mine subsidence damages.
With standard homeowner's insurance policies, coverage is provided for losses from fire, lightning, hail, explosions, and theft.
AIG had in June sued Cosby in Massachusetts and California over homeowner's insurance policies it issued to him in those states.
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.
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.
In addition to offering homeowner's insurance policies, Central Florida residents can also rely on Kimco Insurance, Inc.

Full browser ?