Home Insurance or Homeowners Insurance provides coverage in the event of damage to your property, as well as liability for injuries and damage you cause to other people or it provides financial protection against disasters. Homeowner's Insurance covers loss or damage to the home, other structures, and the personal property contents of the home, as well as third-party liability. Home Insurance is an insurance policy that includes various personal insurance protections, which can include losses occurring to one's home, loss of its use or loss of other personal property of the homeowner, as well as liability insurance for accidents that may happen at the home. Owning a home is a lifetime aim for most of the people.

After making considerable savings in that dream house, one needs to insure it against future risks and peril. Home Insurance policies that protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary, and too cause significant threats to residential properties and also protect from natural calamities such as cyclones and earthquakes.

Types of Homeowners Insurance
	(HO1)Limited overage policy		(HO2)Basic Policy
	(HO3)Open perils policy or all risk		(HO4) Renters policy or Renter's coverage
	(HO5) Incidents/ losses coverage		(HO6) Condominium Coverage
	(HO8) Older Home Insurance

A limited policy is the policy that offers varying degrees of coverage but only for items specially outlined in the policy.

Basic Policy is similar to limited policy in that it covers specific portions of a house against damage.

This policy is most popular policy which covers all aspects of the home, formation and its contents as well as any liability that may arise from daily use. The coverage is generally called "all risk" or "open perils" policy.

This policy is similar to Condominium Coverage liabilities arising from accidents and conscious injuries such as lightning, riot, aircraft, explosion, vandalism, smoke, theft, windstorm, falling objects. This policy is commonly known as renters insurance or renter's coverage.

This policy is similar to the Open peril policy but differentiated as it covers a wider incidents and losses than the Open Peril Policy and include both the home and homeowner.

As a form of supplemental homeowner's insurance, it is also known as Condominium Coverage. This Coverage includes all the incidents from the insured property to all valuables within the home from theft, fire or water damage or other forms of loss and covers liability for residents and personal property.

It is generally known as Older Home Insurance. It let's house owners with higher substitute cost than the market value insure them at the lower actual cash value. This policy usually repays you for damages or losses on an actual cash value that means replacement cost less depreciation.


The information below will provide some answers and help you ask the right questions in order to find the most appropriate solutions.

Q. What is homeowners insurance?
A. Homeowners Insurance provides financial protection against disasters or damages. Damage caused by most disasters is covered but there are exceptions. Damages caused from natural calamities such as cyclones and earthquakes. It covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.

Q. Why buy homeowner’s insurance?
A. The two major reasons for homeowners to buy insurance:

1. Home insurance policy also protects against other damage or perils like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.

2. Mortgage lenders need homeowners to carry insurance to protect the lender's investment from damage or loss.

Q. Who is covered by my policy?
A. The policy covers you and the members of your household have some liability protection to others even as you are away from the location with renters insurance, it is necessary that coverage is only provided to the person named in the policy.

Q. What is the relationship between title insurance and homeowner’s insurance?
A. Title insurance and homeowner's insurance protect against totally different types of risks.

Homeowner's Insurance covers loss or damage to the home, other structures, and the personal property contents of the home, as well as third-party liability.

Title Insurance protects ownership interests in the real property. Title Insurance is to guarantee that you have good and marketable title to the property that your interest in the property is superior to all others. When purchasing a home through proceeds of a loan, lenders require you to obtain title insurance. That way they know that you have clear ownership of the real property and the home.

Before being able to obtain a loan on a home, the Title Insurance Company conducts a search to determine all liens, encumbrances, and other possible defects to the title as it stands in the hands of the seller. Then, when the title insurance Coverage is obtained, the Title Company guarantees that the buyer has marketable title to the property after the purchase. Any liens, encumbrances and other defects to the title that occur during your ownership of the property, however, are not covered by this insurance.

Q. What type of disasters are covered by homeowners policies?
A. Homeowners policies cover disasters are listed below: -

• Fire or lightning
• Windstorm or hail
• Explosion
• Riot or civil commotion
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke
• Vandalism or malicious mischief
• Theft
• Volcanic eruption
• Falling object 
• Weight of ice, snow or sleet
• Disasters are not covered by home insurance policy: -
• Flood
• Earthquake
• War
• Nuclear accident
• Landslide