homeowner's insurance policy
Homeowner's insurance policy
An insurance policy protecting a homeowner against damage or loss to property.
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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
homeowner's insurance policy
An insurance policy tailored for most homeowners with a package of coverages and endorsements designed to address most risks. Usually includes coverage for the main structure, a certain percentage of that in additional coverage for outbuildings, a certain percentage of additional coverage for contents, reimbursement for rental expenses and cleanup costs in the event of significant loss, and liability coverage in case anyone else is injured on the property as a result of a condition or defect of the property.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.