Affordable home owners insurance

 Homeowners insurance. Most lenders will require you to have homeowners insurance, also commonly known as hazard insurance, and often abbreviated as HOI. Private mortgage insurance. Title insurance. Flood insurance. Legal insurance. 

 A standard homeowners insurance policy provides coverage to repair or replace your home and its contents in the event of damage. That usually includes damage resulting from fire, smoke, theft or vandalism, or damage caused by a weather event such as lightning, wind, or hail. 

 Property insurance refers to a series of policies that offer either property protection or liability coverage. Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance, among other policies. 

 An HO-1 policy is the most basic of all the types of homeowners insurance policies. It only provides coverage for the structure of your home, attached structures like garages, and appliances and home features like carpeting. It does not include coverage for personal property, liability or additional living expenses. 

 Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value. 

 The main areas that are not covered by homeowners insurance include: Damage caused by earth movements such as sinkholes and earthquakes. Issues caused by neglect or improper maintenance of the property. Damage caused by termites and other insects.