Understand renters, homeowners, and landlord insurance with practical guides covering common risks, coverage limits, exclusions, deductibles, and claims.
Term life insurance and accidental death insurance can both pay money to beneficiaries after an insured person dies, but they are not interchangeable. The main difference is the cause of death. Term life insurance generally pays the death benefit when the insured dies during the covered term, subject to the policy’s exclusions and conditions. Accidental…
Protect the property you own—without paying for coverage that belongs to the condo association. The main difference between condo insurance and homeowners insurance is the portion of the property each policy is designed to protect. Homeowners insurance generally covers an independently owned house, including its structure, other structures, belongings, liability, and loss of use. Condo…
The named insured is usually the person or business identified in the policy declarations and given the policy’s primary rights and responsibilities. An additional insured is another person or organization added to receive limited coverage for specified risks, usually through an endorsement. That distinction can determine who may receive a defense after a lawsuit, whose…
The main difference between hazard insurance vs homeowners insurance is scope. Hazard insurance generally refers to the part of property insurance that protects a home’s physical structure against covered causes of loss, such as fire, wind or hail. Homeowners insurance is a broader policy that can combine dwelling protection with coverage for other structures, personal…
The main difference between HO-2 and HO-3 homeowners insurance is how they cover the house itself. An HO-2 policy generally covers both the dwelling and personal belongings only against causes of loss specifically named in the policy. An HO-3 policy generally covers the dwelling against direct physical loss unless the cause is excluded, while continuing…
When comparing homeowners insurance policies, you may encounter two important terms: open peril and named peril. These terms determine which causes of property damage may be covered by your insurance. The main difference is straightforward: named-perils coverage protects against only the causes of loss specifically listed in the policy, while open-perils coverage generally protects against…
Universal life and whole life are both forms of permanent life insurance. Either policy may remain in force for the insured’s lifetime and build cash value, provided the policy’s requirements are met. The similarities, however, can hide important differences. The main difference between universal life insurance vs. whole life is predictability versus flexibility. Whole life…
Homeowners insurance and a home warranty can both reduce the financial impact of unexpected home expenses, but they protect against very different problems. Homeowners insurance generally covers sudden and accidental losses caused by covered events such as fire, windstorms, theft, and certain types of water damage. A home warranty, which is technically a service contract,…
DP1 and DP3 are dwelling fire insurance forms commonly used for rental homes, vacant properties, older houses, and other residences that may not qualify for a conventional homeowners policy. Although both forms can insure a residential building, they differ substantially in which losses they cover and how claims may be valued. The primary difference between…