Home insurance provides two critical things to policyholders in the event of a loss:
Property replacement. If something happens to your home or its contents, your homeowners policy can help you cover the costs.
Liability protection. If someone gets hurt on your property, or if you or your pets accidently injure someone else, your home insurance can come to the rescue.
Homeowners insurance provides coverage for individuals and families against many residential property and personal liability exposures.
There are six primary coverages that can be found in your homeowners policy:
Coverage A-Dwelling: Covers physical loss of or damage to the dwelling.
Coverage B-Other Structures: Covers physical loss or damage to structures, such as fences or detached garages and sheds.
Coverage C-Personal Property: Covers physical loss or damage to personal property.
Coverage D-Loss of Use: Covers additional living expenses or loss of fair rental value when your property becomes inhabitable because of a covered loss.
Coverage E-Personal Liability: Covers the homeowner and other insured’s against claims or suits made by others for bodily injury or property damage resulting from the use of the residence premises or the insured’s nonbusiness activities.
Coverage F-Medical Payments to Others: Provides medical payments to persons other than the insured or residents of the insured’s household who are injured on the premises or in connection with the insured’s activities. This is a form of accident insurance, rather than liability insurance, and therefore does not require the insured be legally obligated to pay damages to the injured person.
Standard ISO (Insurance Services Office, Inc.) Forms
- HO2-Broad Form
- HO3-Special Form
- HO4-Contents Broad Form (Renters)
- HO5-Comprehensive From
- HO6-Unit- Owners Form (Condominiums)
- DP3-Dwelling Policy (Landlords)