Homeowners Insurance

Definition - What does Homeowners Insurance mean?

Homeowners insurance is a type of property insurance that protects a private residence against damages. It may also include coverage for your possessions and liability coverage against accidents that occur inside or on the property. It also covers the contents of the home in case of an approved peril (that you will see listed within the language of the policy).

Homeowners insurance is also frequently referred to as a homeowners policy.

Insuranceopedia explains Homeowners Insurance

A homeowners insurance policy details the amount of coverage for each category. For example, it may offer $100,000 of coverage for the actual building, $40,000 for belongings, and $500,000 for liability. In addition, homeowners insurance does not cover every type of loss, such as earthquakes, floods, acts of war, and other damaging events. Check with your agent about the perils that your homeowners policy covers. If needed, you can inquire about flood, earthquake, or other supplemental products.

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