Term Homeowner's Insurance
Code BH-3300.3300
Definition Programs that provide a form of home insurance that covers losses and damages to the contents of an individual's residence. All Homeowner's insurance also provides liability coverage against accidents in the home or on the property. When applying for a mortgage, the homeowner is usually required to provide proof of insurance on the property before the financial institution will loan any funds. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan that works best for their needs. If the homeowner does not have their property covered for loss or damages, the bank may obtain one for them at an extra cost.
Created 2/9/21
Changed 2/26/21
Use References
See Also References
External Classification Terms Housing (AIRS HO-300)
Housing (CAN HO-300)
Insurance Benefits (NPC Y02)
Insurance Providers (NTE Y20)
Mortgage and Loan Insurance (UW
Related Concepts Insurance
Facet Service
Bibliographic References "Complete Guide to Homeowner's Insurance", Investopedia Website, https://www.investopedia.com/terms/h/homeowners-insurance.asp

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