Practical homeowners insurance guides explaining property coverage, covered perils, exclusions, deductibles, water damage, household systems, repairs, replacements, and common claims for U.S. homeowners.
Mortgage insurance and homeowners insurance may both appear among your homebuying expenses, but they provide completely different forms of protection. The main difference between mortgage insurance vs homeowners insurance is who and what each policy protects: Mortgage insurance primarily protects the mortgage lender if the borrower defaults. Homeowners insurance protects the home and may cover…
A home warranty and home insurance protect against different financial risks. A home warranty is generally an optional service contract that may pay to repair or replace specified appliances and home systems when they fail under the contract’s terms. Homeowners insurance is an insurance policy that may cover the house, belongings, liability, and additional living…
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 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…
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,…
HO-3 and HO-5 are homeowners insurance policy forms designed primarily for owner-occupied homes. Both can cover the dwelling, other structures, personal property, loss of use, personal liability, and medical payments to others. Their main difference is how they cover personal belongings. A standard HO-3 policy generally covers the dwelling and other structures on an open-perils…
Homeowners insurance may cover a roof leak when it results from a sudden event covered by your policy, such as wind, hail, fire, or a falling tree. It generally will not pay to repair a roof that leaks because it is old, deteriorated, improperly maintained, or gradually worn out. The cause of the leak matters…