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HO-3 insurance is the most common type of homeowners insurance policy, and it provides coverage for 16 perils, including wind, hail, water damage, freezing, theft, lightning and fire. Certain perils are not covered, such as earthquake, flood and homeowner neglect or wear and tear damage.

If your home is damaged in a covered peril, the policy will cover the cost to repair your home and detached structures, up to the policy limit and minus the deductible. It’s important to maintain limits that are high enough to cover the cost to rebuild your home. During repairs, your additional living expense coverage can help with extra costs you incur, such as hotel costs.

The liability protection in homeowners insurance provides coverage for lawsuits involving claims of property damage or bodily injury. For example, if your dog destroys your neighbor’s outdoor furniture, or if a visitor trips over a broken step and is injured, your homeowners insurance can cover the resulting lawsuit, up to the liability limit. Homeowners policies typically provide limited coverage for third-party medical costs on a no-fault basis, meaning no lawsuit is necessary.

There are a few things to consider when assessing your home insurance limits.

First, you should have enough coverage to rebuild your home if it is destroyed in a fire, storm, or other disaster. Make sure your limits are high enough. You may need to raise them as your home value and construction costs increase. Also understand whether you have replacement cost coverage, which covers the cost to replace or repair your property, or actual cash value, which subtracts depreciation and may not provide enough to repair or replace your property.

Second, consider your coverage for personal belongings. If you have high-value items, such as art or jewelry, you may need to secure additional coverage through an endorsement or separate policy. Likewise, if you are a landlord, you may need a separate landlord insurance policy to cover tenant-related damages.

Finally, assess your liability insurance coverage. If you have significant assets to protect, you may want to increase your liability coverage. You can do this by raising your limits or by securing an umbrella policy, which provides additional coverage for all underlying policies, such as home and auto.

No. A standard homeowners insurance policy may provide some coverage for business property stored at your home. However, this coverage will be limited. Furthermore, homeowners insurance policies (as well as other personal insurance policies) typically exclude commercial activity. For example, although home insurance provides liability coverage, this coverage does not apply to business-related liability.

If you run a home-based business, you should consider securing additional coverage. You may be able to add an endorsement to your home insurance policy to increase your coverage for business equipment and supplies. You may also benefit from general liability insurance, professional liability insurance, or other commercial liability insurance policies designed to cover your business risks.

Yes, it is often possible to bundle your home and auto insurance for a discount. This is often one of the easiest ways to obtain affordable home insurance. Insurance bundles can also include other coverages, such as boat insurance and RV insurance.

Also look for other discounts that can help you find low-cost home insurance. For example, you may qualify for a discount for installing smart leak detectors and a home security system.

If you’re looking for the best homeowners insurance, it starts with a home insurance quote. You’ll need to provide a little information about your home. Use the button below to get started.