What is the definition of Homeowners Insurance Policy?
The Homeowners Insurance Policy is a policy that provides protection against losses for damages to the house and other connected structures. The policy may also cover losses on appliances, clothing and furniture, as well as losses due to theft, fire and windstorms. The coverage really depends on the type of policy being issued.
The Homeowners Insurance policy with an all-risk coverage provides the widest protection. This covers all risks, except for those that are stated in the exclusions.
There are also some policies that provide additional living expenses. This provides for expenses incurred because the policy owner and his family had to live elsewhere because of the damage in the house.
Some coverage (for earthquake and flood damage) may be purchased at an additional cost.
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- House Year
- Hurricane Deductible
- Identity Theft Insurance
- Immediate Annuity
- Income-Date
- Income Protection Insurance
- Incontestability Provision
- Increasing Term Life Insurance
- Incurred But Not Reported Losses (IBNR)
- Incurred Losses
- Hard Market
- Hacker Insurance
- Gun Liability
- Guaranty Fund
- Guaranteed Replacement Cost Coverage
- Guaranteed Renewable Policy
- Guaranteed Living Benefits
- Guaranteed Insurability (GI) Benefit
- Guaranteed Income Contract (GIC)
- Guaranteed Death Benefit