What is homeowners insurance?
The Bankrate.com financial term of the day is: "Homeowners insurance."
The obvious definition is that homeowners insurance is the coverage you buy when you own a home. But it's not quite that simple. A standard homeowners policy covers four things: the house itself, if it's damaged or destroyed; your stuff you keep inside the house; liability, in case somebody is injured in your house or even if a member of your household causes damage or injury somewhere else; and living expenses away from home if your house is so badly damaged, you can't live there.
Homeowners insurance will replace your home and belongings after a disaster and will put you up in a hotel while your house is rebuilt. If it's your kid or dog that's the disaster, homeowners insurance will cover their destruction, even at somebody else's house.
To find the best homeowners insurance rates, visit the insurance tab at Bankrate.com.
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