A Homeowners Insurance Policy (also known as an HO-3 policy) can cover damage caused by such perils as fire, windstorms, hail, lightning, and vandalism. Typically, damage caused by floods and earthquakes is not covered by basic homeowner insurance policies. Optional homeowner insurance coverages and policies may be available to cover damage due to additional hazards.
Deductibles and Limits
Your home insurance deductible is the amount of a covered claim that is your responsibility. The amount you choose for your insurance deductible depends on how much you’re prepared to pay if you have a covered loss.
Your home insurance coverage limits (the amount of homeowners insurance you buy) starts with your dwelling coverage. The limits of coverage for the other standard coverages in your homeowners policy are typically calculated as percentages of your dwelling limit.
Types Of Homeowners Insurances