Insurance

Home Insurance

Home insurance can protect a home, belongings, liability and additional living costs, but coverage depends on the policy and exclusions.

4 min

Insurance 101 • 10

Home insurance protects more than the building.

Depending on the policy, it can cover property, belongings, liability and additional living expenses after a covered loss.

Homeowners, condo owners and tenants face different property and liability risks.

01The building or interior improvements02Personal belongings03Personal liability04Additional living expenses05Specific optional coverages

Protects specified property and liability risks.

Protects the lender against borrower default under that separate product.

Covered damage$25,000

Deductible$1,000

Possible paymentSubject to coverage and limits

Excluded lossCould receive no coverage

Some events may be excluded or require optional coverage, and availability varies.

01Replacement coverage02Liability limit03Deductibles04Water and disaster coverage05Valuable-item limits06Exclusions

Remember this

Know the limits and exclusions before you need to make a claim.

Lesson complete

Reviewed 2026-08-18

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