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• WHAT IS HOMEOWNERS INSURANCE
• HOW OFTEN SHOULD I REVIEW MY POLICY
• WHAT TYPE OF INSURANCE DO I NEED FOR A CO-OP OR CONDO
• CAN I GET INSURANCE IF I RENT MY HOME
• DOES MY HOMEOWNERS INSURANCE COVER FLOODING
• RENTERS INSURANCE
• TYPES OF HOME INSURANCE
• EARTHQUAKE INSURANCE
• MOBILE HOME INSURANCE
• WHAT IS IN A STANDARD HOMEOWNERS INSURANCE POLICY?
• ARE THERE DIFFERENT TYPES OF POLICIES?
• CAN I OWN A HOME WITHOUT HOMEOWNERS INSURANCE?
• HOW DO I TAKE A HOME INVENTORY AND WHY?
• WHAT'S THE DIFFERENCE BETWEEN CANCELLATION AND NONRENEWAL?
• HOW MUCH HOMEOWNERS INSURANCE DO I NEED?
• DO I NEED SEPARATE COVERAGE FOR JEWELRY?
• I AM INSTALLING A POOL AND WHAT KIND OF INSURANCE DO I NEED?
• WHERE CAN I BUY INSURANCE?
• HOW DO I PICK AN INSURANCE COMPANY?

Homeowners insurance provides financial protection against disasters.

A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.

The home insurance policy is usually a term contract - a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station, or if the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas.

In the United States, most home buyers borrow money in the form of a mortgage loan, and the mortgage lender always requires that the buyer purchase homeowners insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortagagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan. The insurance crisis in Florida has meant that some waterfront property owners in that state have had to make that decision due to the high cost of premiums.

Article by: Insurance Information Institute

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