Homeowners Insurance Basics
This covers damage to your home from events like fire, theft, or storms.
What is dwelling coverage?
This type of insurance is for renters and covers their personal belongings, but not the building itself
What is renters insurance?
The amount of money you have to pay out-of-pocket before insurance starts to pay for a claim is called this.
What is a deductible?
This part of homeowners insurance helps replace or repair your personal belongings if they are damaged or stolen.
What is personal property coverage?
This is the most common type of homeowners insurance, covering your home, belongings, and liability for most incidents.
What is HO-3?
This is the maximum amount your insurance company will pay for a claim, as set by your policy.
What is the policy limit?
If someone gets hurt on your property, this part of your homeowner's insurance helps pay for their medical bills or legal costs.
What is liability coverage?
This type of policy is for people who own condos, covering their personal property and liability.
What is HO-6?
This is the amount your insurance company will pay to replace your damaged items, without factoring in depreciation.
What is replacement cost coverage?
This is the amount of money you must pay out-of-pocket before your homeowner's insurance kicks in for a claim.
What is a deductible?
This type of homeowners policy provides the most coverage, including damage to your home and personal property, no matter what causes it.
What is HO-5?
If your insurance replaces your items based on their current value, after accounting for wear and tear, this is called this.
What is actual cash value?
This coverage pays for extra living expenses if your home becomes uninhabitable due to a covered event, like a fire.
What is loss of use coverage?
This type of policy is for homeowners who live in mobile homes, providing similar coverage to regular homeowners insurance.
What is mobile home insurance?
This is the process of determining how much money you will receive for a claim after your insurer reviews the damage.
What is claims adjustment?