Homeowner Insurance
Homeowner insurance offers financial protection to those who have purchased their homes in the case of loss or damages due to emergency or disaster. It covers not only the structure of your home but also your personal possessions stored inside.
As part of the policy, you will also receive coverage for your personal liability and that of your eligible family members and pets, should any of them accidentally inflict damage to a welcomed guest's body or property. Legal costs for these types of issues are also covered under your home insurance policy as well as damages caused to your guest, yourself, your home, and your family by a natural disaster or event covered in your policy.
There are limits to the amounts of coverage that you will receive as well as certain exceptions to what your home is protected from as far as specific events. For example, almost any home insurance policy will cover you for damages caused by fire or a riot. Few will automatically include coverage for a terrorist attack or an earthquake.
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Important Homeowner Insurance Terms
Two terms that often come up in discussion of homeowner insurance protection coverage are "actual cash value" and "replacement cost."
- Actual cash value refers to the amount of money that your personal possession or home is worth at the time that is stolen or destroyed. If you are paid the actual cash value for something, you will not receive the amount that you paid for it. Your reimbursement will take into account depreciation in value of the item (due to age and use) as well as any fees or deductibles.
- Replacement cost refers to the amount of money it will cost you to purchase a new home or personal possession comparable to the one you lost. Your reimbursement will not be adjusted for wear and tear, fees, or even deductibles.
To learn more about homeowners insurance, check out the Homeowners Insurance Basics section! >>
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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