A typical homeowners policy typical covers: - Damages to the exterior of a home - Damages to the interior of a home - Loss or damage to personal assets
- Actual Cash Value - Replacement Cost - Guaranteed (or extended) Replacement Cost/Value
Like most insurance policies, the policyholder pays a premium each month to maintain the policy. The premium paid each month can vary based on many factors.
Like other insurance policies, homeowners insurance will cover the costs of making any repairs due to covered damages after the deductible has been paid.
You can obtain policies through the bank or lending institution itself, or homeowners may choose to get the policy independently.