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 ?
The insurer successfully argued to the Florida Fourth DCA last September that a homeowners insurance policy may contain a provision requiring the consent of other insureds and the mortgagees before a valid assignment of benefits may be made.
Homeowners need to be aware that a homeowners insurance policy does not cover flood damage.
If a homeowners insurance policy covers wind, rain, and hail, but excludes flood waters, is the loss covered?
Ben Gonzalez, a spokesman for the Texas Department of Insurance, says that preparedness starts with buying a homeowners insurance policy, which protects you from the costs associated with incidents such as a fire, theft and burglary, among other things.
Just because a standard homeowners insurance policy satisfied your lender doesn't mean you're adequately covered.
Do they include in their emergency kit important documents such as a homeowners insurance policy, mortgage agreement, wills, deeds, estate plans, health care proxies, and last bank statement, mortgage statement, credit card bill and last year's tax returns.
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.
If so, are you aware that your standard homeowners insurance policy may leave you with coverage gaps?
They filed a claim under a homeowners insurance policy issued by the defendant, Graphic Arts Mutual Insurance Company.
But at least, he figured, his valuables were covered by his homeowners insurance policy. Right?
org for her insurance blog, "Straight Talk." Number and Percentage of Problem Chinese Drywall reports by state * Alabama 7 1.2% Florida 438 77.1% The vast majority of problem Chinese drywall was used in Florida in the wake of the 2004/2005 hurricanes Louisiana 67 11.8% Virginia 22 3.9% Other States 34 6.0% Coverage for defective drywall is excluded under a standard homeowners insurance policy (construction defect and pollution exclusions apply and there is no covered cause of loss) *First report was received 12/22/08.
Personal Lines--"insurance written on the personal and real property of an individual (or individuals) to include such policies as the homeowners insurance policy and personal automobile policy."

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