Definition - What does Homeowner's Insurance mean?
Homeowner's insurance is insurance that provides financial protection for homeowners in the event that they experience certain losses related to their homes. Covered losses usually include things like various types of accidents or weather-related events. However, floods and earthquakes are commonly excluded from coverage. In the context of the law, homeowner's insurance also commonly covers liabilities related to accidents that occur to people in their homes.
Justipedia explains Homeowner's Insurance
If a person gets injured at the home of another person, then the other person could be liable. For example, if there is a towel on the floor, and a person slips on it and breaks his or her leg, this could result in a lawsuit. Homeowner's insurance can help pay for damages in such cases. There are also many other things that can happen to homes that cause loss, such as structural failure, pipe bursts, theft of property, etc. Homeowner's insurance can cover all of these things.
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