Panakleak Blog

Homeowner Insurance

Home insurance, also commonly called hazard insurance or homeowners insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
Homeowner insurance is designed to provide financial protection for you in the event of a disaster. Standard homeowner insurance policies are package policies. They provide coverage for your property, both your home and its contents, as well as providing personal liability coverage.
Most disasters are covered by your homeowners policy, but there are exceptions. Problems that may affect your home caused by lack of routine maintenance are generally excluded from your policy. Damage caused by earthquakes is not normally covered by a homeowners policy. Earthquake coverage must be added to a homeowners policy through an endorsement or must be carried as a separate policy.

Another coverage that is not included under the normal terms of your homeowner insurance policy is damage caused by floods. Flood insurance may also be purchased on a separate policy. There may be other exceptions and non-covered events in the terms of your policy.