Homeowners Insurance:
The owner of the home purchases a homeowners insurance policy. The amount of insurance generally covers both the cost of replacing the home and the personal property in it in the event of a total loss, such as furniture, appliances, clothing, jewelry, and dishes. If a home costs $2 million to rebuild and the items inside cost $0.5 million to replace, a homeowner would need to insure the property for at least $2.5 million to cover everything.
Homeowners insurance is a type of property insurance that protects a person’s home and assets from […]
