Home Insurance

Home/ Home Insurance

Home Insurance

Save Money on your Home Insurance, Each and Every Time!

Lower your home insurance costs by comparing quotes, bundling policies, and increasing your deductible strategically.

Install safety measures like alarms, maintain a good credit score, and review your policy annually. Ask about available discounts and choose coverage that balances affordability with essential protection.

Motor Insurance

What is Home Insurance?

Home insurance is a policy that protects homeowners from financial losses due to property damage, theft, or liability claims.

Most standard policies cover damages from fire, windstorms, vandalism, and personal liability for injuries on your property. However, coverage for natural disasters like floods and earthquakes typically requires separate policies. Additionally, home insurance may cover temporary living expenses if your home becomes uninhabitable due to a covered event.

There are different types of home insurance policies to suit various living situations:

  • Dwelling Fire Policy: A basic policy covering fire, smoke, and some weather-related damage, primarily for rental or vacation properties.
  • Renters Policy: Covers personal belongings and liability for renters, but does not include the structure of the building.
  • Condominium Policy (HO-6): Provides coverage for condo owners, including personal property, liability, and improvements within the unit.

What are the types of Home Insurance Policies?

The main types of home insurance policies in the U.S. include:

  1. HO-1 (Basic Form): Provides minimal coverage for specific perils like fire, theft, and vandalism. This policy is rare today.
  2. HO-2 (Broad Form): Covers more risks than HO-1, including damage from falling objects, heavy snow or ice, and burst pipes.
  3. HO-3 (Special Form): The most common policy, covering the home against all perils except those specifically excluded (like floods or earthquakes).
  4. HO-4 (Renters Insurance): Designed for renters, covering personal belongings and liability but not the building structure.
  5. HO-5 (Comprehensive Form): Offers broader protection than HO-3, covering both the home and personal belongings against nearly all risks.

What is Own Damage Cover in Home Insurance?

Unlike motor insurance, home insurance does not use the term "Own Damage Cover." However, different policies provide protection for various types of residential properties.

Dwelling Fire Policy: A limited coverage policy that primarily protects against fire, smoke, and certain named perils. It is often used for rental properties or vacant homes.

Renters Policy (HO-4): Designed for tenants, this policy covers personal belongings and liability but does not insure the rental property's structure.

Condominium Policy (HO-6): Specifically for condo owners, this policy covers personal belongings, liability, and interior structural elements, while the condo association’s master policy covers the building’s exterior.

These policies ensure homeowners, renters, and condo owners have the appropriate level of protection for their living spaces.

In home insurance, the equivalent would be coverage for damage to the structure of the home, personal belongings, and other property owned by the policyholder. Home insurance policies typically cover damages due to perils like fire, theft, vandalism, and natural disasters (depending on the policy).

To clarify, while "own damage" isn’t a specific term in home insurance, the policy covers the policyholder's property against loss or damage, offering similar protection.

What are the Exclusions in Home Insurance?

Exclusions in U.S. home insurance policies refer to specific events or circumstances that are not covered. Homeowners may need to purchase additional coverage for certain risks. Common exclusions include:

  1. Floods and Earthquakes: Standard home insurance policies do not cover damage from floods or earthquakes. Separate flood insurance (via the NFIP) and earthquake policies are required.
  2. Maintenance Issues and Wear & Tear: Damage due to neglect, mold, pest infestations, or regular aging of the home is not covered.
  3. Acts of War and Nuclear Hazards: Losses caused by war, military action, or nuclear events are excluded.
  4. Government Actions: Confiscation, demolition, or damage caused by government authorities is not covered.
  5. Intentional or Criminal Acts: Damage caused intentionally by the homeowner, or illegal activities within the home, is excluded.
  6. Certain High-Risk Dog Breeds: Liability coverage may not apply if injuries are caused by certain breeds of dogs considered high-risk by insurers.

Homeowners can often purchase endorsements or separate policies to extend coverage for excluded risks.

What are the advantages of a Car Insurance Policy?

What are the Inclusions in a Home Insurance Policy?

Inclusions in a home insurance policy refer to specific situations or risks that the policy does cover. Common Inclusions include:

General Inclusions
Dwelling Coverage: Protects the home’s structure, including walls, roof, and attached structures, from covered perils like fire, windstorms, and vandalism.
Personal Property Coverage: Covers belongings like furniture, electronics, and clothing against theft, fire, and other covered risks.
Liability Protection: Provides financial coverage if someone is injured on your property or if you cause damage to someone else’s property.
Loss of Use (Additional Living Expenses): Covers temporary living expenses if your home becomes uninhabitable due to a covered event.
Medical Payments Coverage: Covers minor medical expenses for guests injured on your property, regardless of fault.
Dwelling Fire Policy: Covers rental properties or non-owner-occupied homes against fire, smoke, and certain perils.
Renters Insurance (HO-4): Protects tenants’ personal belongings and liability but does not cover the rental building’s structure.
Condominium Insurance (HO-6): Covers condo owners’ personal property, interior structures, and liability, supplementing the condo association’s master policy.