![]() ![]() In exchange for a premium, your insurance company will provide you with six different types of coverage, which make up your homeowners insurance policy:ĭwelling protection (similar to hazard coverage). “If you have questions on what is and isn’t included in your policy, connect with your insurance agent to confirm what supplemental coverage you might need to ensure your home is fully protected,” says Steve Wilson, director of technical underwriting at Hippo Insurance. A peril is an insurance term for an event that caused damage, and a covered peril is a damage specifically included in your policy’s coverage terms. Homeowners insurance is designed to help you pay for damages to your property or belongings that occur as a result of a covered peril. Let’s take a deeper look at what homeowners and hazard insurance coverage have in common-and also what they don’t. It is intended to help you cover the costs of damages to your home caused by a natural or man-made disaster, like a house fire or hail storm. ![]() Then there’s hazard insurance, which is included in your standard homeowners insurance policy. But it also helps pay for medical bills following an accident that occurred on your property, or for additional living expenses if your home is completely destroyed in a covered incident. Homeowners insurance is a type of insurance that’s designed to provide financial protection against damages to your home or belongings. Understanding how they are related and what they cover can help you make a more informed decision about what coverage you need to fully protect your home. When purchasing a home or shopping for a lower insurance premium, your mortgage lender may require you to maintain a minimum level of homeowners and hazard insurance, which are two common types of coverage offered by home insurance companies. ![]()
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