Medical Payments: Pays medical bills for people hurt on the homeowner's property or by the homeowner's pets.Personal Liability: Covers financial losses from property damage and personal injuries to others, if found legally responsible.Loss of Use: Pays some additional living expenses during home repair.Personal Property: Pays the value of damaged or lost possessions (furniture, electronics, clothing).Other Structures: Pays for damage to structures not attached to the house (fences, sheds).Dwelling: Pays for damage to the house and attached structures.More on flood insurance and earthquake insurance can be found on their specific Center for Insurance Policy and Research (CIPR) topic pages.Ī brief summary of common coverage types for homeowners policies follows: Separate polices for flood or earthquake coverage also may be purchased by those in areas prone to these perils. The most common of these are unattached structures, personal property, medical payments, additional living expenses, sewer backup and umbrella liability. Policyholders often add additional coverages specific to their needs. Most also cover the contents in the home and personal liability from injuries or damage that occur from covered accidents. Additionally, most mortgage lenders require homeowners coverage, with the homeowner listed as the mortgagor.Īll homeowners insurance policies cover the structure of the home, including attached structures, fixtures and built-in appliances.
It also provides liability coverage for legal actions from injuries or damage from another person on their property. In the event of a total loss, insurance can provide the primary source of rebuilding funds. Homeowners insurance is important because it protects consumers' homes and personal property. Issue: Homes are frequently a consumer's largest asset.
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