Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Homeowner’s insurance has two major divisions, property and liability. Under property the policy promises to repair damages created by named perils to your residence and your personal property. There are a few limitations but the coverage is pretty comprehensive. The liability coverage pays for your defense and any payments required up to the limits of the policy for claims of bodily injury or property damage. There are several additional coverages.
That is a great question! Your homeowners policy will cover all kinds of things, like fire, someone getting hurt on your property, or a broken window. The coverage is broken down to two types: property, and liability. The property coverage protects against those actual physical damages that may occur. The liability side protects against damages that may be brought against you for things that happen upon your property. I hope that helps! Thanks for asking!
Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
Great Question. Homeowners insurance is separated into Property & Liability coverage. Section I of the policy covers property. It includes Dwelling, Other Structures, Personal Property & Loss of Use (a place to stay while home is repaired/rebuilt). As for what perils are covered it depends on the type of form that your policy is written on. Most homeowners policies are written on an ISO HO-3 form which is considered an All Risk policy. This will cover just about everything that isn't excluded for the dwelling. Exclusions include-flood, mechanical breakdown, wear & tear, intentional acts, nuclear and a few others. Your liability (Section II) of the policy includes Personal Liability & Medical Payments. Coverage's E & F respectively. Most people understand Personal Liability.. most do not understand Medical Payments. Generally speaking, medical payments cover an event at your house that injures someone but the homeowner was not negligent.. For example- if you are over my house on Thanksgiving cutting my Turkey with my knife and you cut yourself this could be covered under the medical payments. Hope this helps
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1.Property to protect your home and its contents.
2.Liability to protect yourself financially against costly claims and lawsiuts
Other coverages include:
Fire, Somke, Theft, Falling objects, explosion, and other coverages that maybe included at additional cost.