The 6 Major Homeowners Insurance Coverages — And What They Cover

Homeowners insurance has been a common topic in news lately, from rising costs, to major carriers like AIG, State Farm, and Allstate
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pulling back from protecting homes in certain markets. Consumers should understand the basics of their policies in order to better manage if they are subject to these insurer actions or are exposed to a loss.

An HO-3 policy is the standard insurance policy form for most homeowners policies in the United States. Although different insurance providers offer varying coverages, the core of the policies are often quite similar, regardless of the provider. Coverages define what a section of the policy protects, such as damage to the home, damage to personal property, or unintentional injury an insured person causes others. Perils are events that result in a loss, such as windstorms, theft, or hail.