Date of this Version
This publication provides basic information about homeowners insurance.
Most of us have property we want to protect against unknown dangers that might damage or destroy it. Homeowners or renters insurance can provide that protection. These policies include both property and liability insurance. They usually exclude motor vehicles for recreational or highway use.
The properties covered and the perils those properties can be insured against are listed in the policy. Your house, garage, and other structures on your lot are covered. Personal properties including household contents and other personal belongings are covered up to specified limits. Perils are listed under various homeowners policy types, referred to as "forms." A comparison of the coverage available in each form is in the chart in this publication.
The limitation of the liability insurance that will protect you when claims or suits are filed against you by persons who consider you responsible for their injuries or damage to their property is included in the policy.
Coverage for living expenses you would have if your home couldn't be occupied because of one of the listed perils is a feature of the homeowners policy. This amount is usually 10 to 20% of the total coverage on the home.
The amount of coverage you need on your property is an individual matter. Several types of coverage are available. The homeowners policy types or forms that follow show how coverage increases as you add more perils against which properties are insured.