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 ?
A standard homeowner's policy generally doesn't cover flood damage, so if you're in a floodplain or a flood-prone area, you would need a separate flood policy to cover that.
Some agents told us the liability coverage with their standard homeowner's policy would provide some protection, as long as your.
Can an insurance company cancel your homeowner's policy if you leave your New York home unoccupied during the winter months in order to spend the season in a warmer climate?
Diana's homeowner's policy has an exclusion pertaining to injury or damage arising out of or in connection with a business engaged in by the insured, whether the business is owned or operated by the insured.
Earthquake insurance is optional; losses are not covered under a standard homeowner's policy.
Your homeowner's policy isn't a maintenance policy; it's meant to protect you against the sudden [and] accidental .
Having a business in your home can expose you to extra liability not covered in your homeowner's policy and give a false sense of security as to what exactly is insured.
The time to increase your homeowner's policy may come sooner than you think
Second, it does not address issues like theft or fire coverage ordinarily provided by a homeowner's policy - only liability.
McBride recommends people operating home-based businesses review their homeowner's policy immediately and take actions to ensure their commercial activities are covered.
However, a standard homeowner's policy does not cover flood damage.
The typical homeowner's policy is designed to provide coverage for all perils except those items that are specifically excluded.

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