Homeowners Insurance

Definition

• A property insurance policy purchased by a homeowner in order to protect the insured from losses resulting from damages to the insured property, or possessions contained in the insured property. Depending on the policy, homeowners insurance, also known as "home insurance", can cover general liability for accidents occurring on the property. Earthquakes, floods, tornadoes, and other "acts of God" are not typically covered by homeowners insurance.

Synonyms
owner-occupant protection

Related Terms and Acronyms

• Fire Insurance — Definition,
  • Insurance that covers losses from fire damage to insured assets.
• Floater Insurance — Definition,
  • Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
• Flood Insurance — Definition,
  • An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
• Flood Plain (flpl) — Abbreviation,
  • Land that is prone to inundation.
• General Liability Insurance — Definition,
  • Insurance that protects individuals and businesses from a number of potential liabilities.
• Hazard Insurance — Definition,
  • Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
• Home Owners Warranty (HOW) — Acronym, Very Important,
  • A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
• Homeowners Insurance Binder — Definition,
  • A document accompanying a homeowner's insurance policy that verifies the property is properly insured.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Joint Liability — Definition,
  • The responsibility of two or more people to repay a debt
• Latent Defect — Definition,
  • A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
• Lawn Gnome Theft Insurance (LGTI) — Acronym, Backyard,
  • Insurance that covers losses resulting from lawn gnome theft.
  ➥ Also known as Garden Gnome Theft Insurance (GGTI).
• Liability — Definition,
  • A situation where one party is found to be legally responsible for something.
• Mortgage Life Insurance — Definition, Very Important,
  • Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
• Non-owner Occupant — Definition,
  • A borrower who purchases a property for investment or rental purposes and will not occupy the property.
• Non-Scheduled Personal Property — Definition,
  • Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
• Personal Lines — Definition,
  • Property and/or casualty insurance policies of individuals or whole families.
• Personal Property (PP) — Acronym,
  • Property that is movable and not permanently attached to a dwelling or structure.
• Property Insurance — Definition,
  • Insurance that provides coverage for damages to property from a number of perils.
• Umbrella Insurance — Definition,
  • Insurance used to cover different types of property in a single policy.
• Vandalism and Malicious Mischief Coverage — Definition,
  • Insurance that covers property owners for damages resulting from acts of vandalism.
• Water Exclusion Clause — Definition,
  • A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
• Yacht Insurance — Definition,
  • Insurance that covers yacht and pleasure boat owners for damages and liability.