Homeowners’ insurance is a specific type of property insurance. Homeowners’ insurance covers damage or loss by theft and against perils which can include fire, and storm damage. It also may insure the owner for accidental injury or death for which the owner may be legally responsible.  Mortgage lenders usually require homeowners’ insurance as part of the mortgage terms.

The standard homeowners’ insurance policy is divided into several component parts:

• Coverage A Dwelling
• Coverage B Other Structures
• Coverage C Personal Property
• Coverage D Loss of Use/Additional Living Expenses
• Coverage E Personal Liability
• Coverage F Medical Payments to Others
• Additional Coverages
• Exclusions

While Homeowners’ Insurance can specifically refer to the insurance of a house, it also encompasses the insurance of other types of structures associated with personal residences including tenants (renters) and condominium unit owners.