Home Insurance is an insurance policy designed to protect homeowners from the loss of, or damage to, their home. In the event of a covered claim, such as a fire, theft or hail damage, a home insurance policy will provide financial protection to cover the cost of repairing or rebuilding your home. Standard home insurance is comprised of 6 important types of coverage:
- Dwelling Coverage is a part of home insurance that protects against financial loss to the physical structure of your home- meaning, the foundation, frame, walls and roof.
- Other Structures Coverage protects the structures on your property other than your home including detached garages and sheds.
- Contents Coverage is part of a home insurance policy that provides protection for your belongings in the event they are stolen or lost in a covered claim.
- Loss of Use Coverage provides financial assistance in the event that your home becomes uninhabitable because of a covered claim.
- Personal Liability Coverage is part of a home insurance policy that provides financial protection in the event you are presented with a lawsuit.
- Medical Payment Coverage is part of a standard home insurance policy that offers payments if someone is injured on your property and you would like to help pay for their medical bills.
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Article Link: What is Homeowners Insurance?