Home vs homeowners insurance

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PostPosted: Mon Sep 12, 2011 7:06 am   Post subject: Home vs homeowners insurance  

WhatÂ’s the difference between homeowners insurance and home insurance? My sister told me that home insurance only protects the house whereas homeowners insurance includes liability coverage. Is this true?

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PostPosted: Mon Sep 12, 2011 7:26 am   Post subject:   

It might sound different but technically both mean the same thing and are not really different types of insurance.

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PostPosted: Tue Sep 13, 2011 2:16 am   Post subject: Homeowners Policy vs. Dwelling Fire Policy  

There are two main types of policies that provide coverage for a house- a Homeowners policy or a Dwelling Fire policy. There are multiple variations of each, but the most common Homeowners form is the HO-3.

Approximately 75% of all homes in the U.S. are covered by an HO-3 policy. It provides coverage for the physical dwelling (building/home), personal property (stuff inside the home), liablility for anyone injured on your property, medical payments for anyone injured on your property and various other coverages depending on your state and local requirements.

A Dwelling Fire policy only covers the physical structure (house), limited owner's property and usually includes liability for anyone injured on the property. It is commonly referred to as a "Landlord's Policy" because it is primarily used to cover rental homes. Unlike a Homeowners policy, it doesn't cover the contents of the home. That is the reason renters need a Renter's Policy to cover their possessions.

A Homeowners Policy is definitely the preferable choice to protect your home. I highly recommend purchasing one with a Personal Property Replacement Cost endorsement AND a Guaranteed Home Replacement Cost endorsement. The best policies have both automatically included, but most require you to add it to the policy (and pay a little extra, which is well worth it)!

Good luck!

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