Home Insurance is also called Homeowner Insurance. This is a type of Property Insurance that usually covers the damages and losses to the Individual’s residence along with the furnishings and other assets in the home. This Insurance policy has various personal Insurance protections included in it. Homeowners Insurance also provides liability coverage against accidents at home or on the property.
It usually covers the four types of Incidents in the Insured Property like Interior Damage, Exterior damage, loss or damage of personal assets, and injury that occur while during the damage.
Property coverage will provide either property protection coverage or liability coverages to property owners. So property Insurance provides the reimbursement to the owner or renter in the case of damage or theft.
It includes a number of policies like Homeowner Insurance, Renters Insurance, Flood Insurance and Earthquake Insurance. Property is insured in two main ways- Open perils and named perils. Here Open Perils covers all the causes of loss whereas some exclusions on open perils policy include damage resulting from earthquakes, floods, nuclear incidents, and acts of terrorism. On the other hand, named perils required the actual cause of loss which includes, damage-causing event as fire, lightning, explosion, and theft.
Property Dwelling Insurance
Dwelling insurance is a part of the homeowner policy that may help pay for the rebuilding or the repair of the physical structure of your home if it’s damaged by a covered hazard.
Difference between Homeowner Insurance and Property Dwelling Insurance?
While we look toward the difference both the insurance, Home Insurance protect your house and insure more than the property dwelling insurance does. Home Insurance also protects the additional structure of property such as detached garages, backyards, sheds, and unlike property coverage, homeowner protection also protects the personal property.
Liability Insurance is also covered in Homeowners protection but is must be bought separately in case of a dwelling policy.
Personal Property is covered in the most standard homeowner policies but not included in the property coverages. Hereby personal property includes furniture, clothing, large and small appliances, and other items. On the other hand expensive jewellery, Ant of antiques should consider a separate policy rider that specifically covers these items. But property coverage or Property dwelling coverage does not cover property contents unless you add this coverage to the policy.
Homeowner Insurance includes “loss of use” coverage in which temporary living expenses are covered if the house is damaged or uninhabitable while is being repaired. Most policies specified that home must be damaged by a cover by covered perils. Whereas standard property dwelling insurance does not cover the same.