Knowra Home insurance Home insurance Home insurance is a policy that covers specified losses to a dwelling and its contents, and may cover personal liability. Coverage, exclusions, and limits depend on the policy.
Homeowners insurance policy : A contract defining a homeowner’s coverage, exclusions, limits, and duties after a loss. This is the contract that specifies the protection home insurance provides.
Home insurance claim : A request to an insurer for payment under a home insurance policy after a loss. Claims are the process through which covered home losses are evaluated and paid.
Renters insurance : Insurance for a tenant’s belongings, personal liability, and certain additional living costs, excluding the building’s structure. It covers a renter’s interests rather than the homeowner’s dwelling.
Home insurance premium : The amount paid to maintain an insurance policy for a specified period. Premiums are the recurring cost of transferring covered home risks to an insurer.
Dwelling coverage : Insurance coverage for a home’s physical structure and attached components. It pays for covered damage to the insured dwelling, subject to policy terms.
Fire insurance : Insurance coverage for property damage caused by fire, subject to policy terms. Fire damage is a central peril covered by many home insurance policies.
Condominium insurance : Insurance for a condominium unit owner’s property and liability, coordinated with the association’s master policy. Unit coverage must fit around the shared building coverage maintained by the association.
Underwriting : The process insurers use to assess risk and decide whether and on what terms to offer coverage. Insurers evaluate a home’s characteristics and loss history when setting terms and prices.
Personal property insurance : Coverage for belongings owned or used by an insured person, subject to limits and exclusions. It addresses losses to household contents rather than the building itself.
Flood insurance : Insurance covering certain flood-related property losses, often through a separate policy. Standard home insurance commonly excludes flood damage, so separate coverage may be needed.
Show all 22