This type of property insurance covers private residence’s. It combines various personal insurance protections, which can include losses occurring to one’s homes, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance that can happen at hands of the homeowner.
Dwelling coverage, sometimes called "dwelling insurance," is the part of your homeowners insurance policy that may help pay for the rebuilding or the repair of the physical structure of your home if it's damaged by a covered hazard.
Other structures coverage is the part of a homeowners insurance policy that helps pay to repair or replace structures other than your home, such as a fence, if they are damaged by a covered risk. For instance, if a tree falls on your detached garage, other structures coverage may help pay for repairs.
Personal Contents is sometimes known as "contents insurance," but is usually described in most insurance policies as personal property coverage. Contents insurance helps pay to replace or repair your personal belongings if they're stolen or damaged by a covered peril, such as a fire.
Loss of use coverage covers any additional living expenses, meaning any necessary expense that exceeds what you normally spend. For example, you usually spend $300 per month for groceries. While your home is being repaired, you spend $400 a month since you have to dine out instead of cook at home.
The personal liability portion of your homeowners insurance policy covers you against lawsuits for injury or property damage that you or your family members cause to other people. It also pays for damage caused by your pets.