Homeowners Insurance

Homeowners insurance is a type of insurance policy that provides financial protection for homeowners in the event of damage to their homes or personal property. It typically covers potential losses, including destruction from natural disasters such as fires, storms, and wind. Some additional coverages are theft, vandalism, medical payments, and loss of use.

A homeowners insurance policy typically includes coverage for the structure of the home itself, as well as for the personal property of the homeowner. It may also provide liability coverage, which protects the homeowner from financial responsibility if someone gets injured on their property. Some policies may also include additional coverage for temporary living expenses if the home becomes uninhabitable due to a covered loss.

Mortgage lenders require homeowners’ insurance as a condition of the loan; homeowners typically purchase it as a package policy that includes both property and liability coverage. Premiums for homeowners’ insurance can vary based on many factors, including the year the home was built, its location, the reconstruction value of the house and its contents, and the type of coverage the homeowner chooses.