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Homeowners insurance is a form of property insurance that covers losses and damages to an individual's residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
KEY TAKEAWAYS
What is not covered by a standard homeowners policy
While homeowners insurance covers many types of disaster related damage, there are exceptions. For example, flood insurance and earthquake insurance are both separate types of policies, which may be desirable depending on where you live. Poor home maintenance often contributes to disasters or accidents. Maintenance related problems are the homeowners' responsibility, though there are niche insurance products on the market that may be available to protect against appliance wear and tear.
KEY TAKEAWAYS
- Homeowners insurance is a form of property insurance that covers losses and damages to an individual's house and assets in the home.
- The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property.
- Every homeowners insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur.
- Homeowners insurance should not be confused with a home warranty or with mortgage insurance.
What is not covered by a standard homeowners policy
While homeowners insurance covers many types of disaster related damage, there are exceptions. For example, flood insurance and earthquake insurance are both separate types of policies, which may be desirable depending on where you live. Poor home maintenance often contributes to disasters or accidents. Maintenance related problems are the homeowners' responsibility, though there are niche insurance products on the market that may be available to protect against appliance wear and tear.