Homeowners insurance is sometimes referred to as home insurance, hazard insurance or house insurance (in many instances insurance companies refer to HOI) is a category of property insurance that covers residential homes from financial disaster. You pay a premium throughout the year to insure that your home is protected against covered perils or lawsuits.
A “home insurance policy” covers defined perils like fire, wind and left. Items a typical homeowner’s insurance policy would cover are:
- Loss of Use
- Dwelling
- Other Structures
- Personal Liability
- Medical Payments
- Personal Property (contents)