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Homeowner insurance is a form of property insurance that covers losses and damages to an individual's house and to assets in the home, is designed to protect you from the things that can damage your home, belongings, or hurt you financially. It covers wind/hail damage, fires, lightning, theft, and more.

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Plus it covers injuries that occur on your property and lawsuits against you, such as someone suing you because they were hurt at your home.

Homeowners insurance policy is different from a home warranty. A home warranty is a contract taken out that provides for repairs or replacements of home systems and appliances such as ovens, water heaters, washers/dryers, and pools. These contracts usually expire after a certain time period, usually 12 months, and are not mandatory to have in order to be issued a mortgage. While homeowners insurance does not cover damages that result from poor maintenance or inevitable wear and tear, home warranty covers such issues.

A homeowners insurance policy usually covers four incidents on the insured property:

Interior damage.
Exterior damage, loss or damage of personal assets/belongings.
Injury that arises while on the property.

Common questions about Homeowner Insurance

1. Why is homeowner insurance Important?

Your home is your castle. It’s a safe and secure place where you can relax and make memories with friends and family. It’s also one of your biggest investments. That’s why it’s important to protect your property with homeowners insurance.More than 90 percent of all property owners have safeguarded their homes with at least some insurance, according to the Insurance Information Institute. That still leaves millions of homes uninsured, and at risk of major financial losses in the event of natural disaster or other tragic events.

2. How does home insurance work?

Insurance is something most people don't even want to think about until they need it the most. But, understanding what is and isn't covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy "check ups" to make sure they keep up with local building costs, home remodeling and inventories of their personal belongings. The typical homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt. Your policy also covers your legal liability (up to policy limits) if you, members of your family or even your pets hurt other people or their property, not just in your house.

3. When to buy home insurance?

Making the decision to buy a first home is really exciting; often these decisions come connected to other major life decisions like getting married or having children, but more and more, people are realizing that investing money into your own property, instead of spending it on rent just makes sense long term. Finding ways to save money when you buy your first home becomes a huge priority for first-time homeowners. Whether you are buying a condo, a mobile home, or a house, you will want to find insurance that will adequately protect your investment as well as your personal belongings while saving money.

4. Is home insurance a loan?

The same factors apply when it comes to home insurance. While you might have a mortgage loan for $200,000, your home insurance may only cover cash value or replacement value for your home.

5. Can you deduct homeowners insurance?

There are two instances in which you can deduct insurance payments from your home. If you use your home or part of it for business, you may be able to use the square footage of your home space used for business as a percentage of the total home square footage to allocate to your homeowners' insurance expense. If you're a landlord and claim rental income on your home, your homeowners' insurance on the portion of the property used for rental becomes tax-deductible. When you own several properties and those properties are used only for rental income, then all of the homeowners' insurance is tax-deductible.

6. How much does homeowner insurance cost?

In very broad terms, expect to pay about $35 per month for every $100,000 of home value, though it depends on your city and state. And of course the cost will vary by insurance company.

7. What does homeowners insurance cover?

Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms and hail. But, it's important to know that not all natural disasters are covered by homeowners insurance.

8. Will home insurance cover flood damage?

Your standard homeowners policy doesn't provide flood coverage. It's important to note that, as a rule,homeowners and renters insurance does not cover damage from flooding.