Home Insurance
This is also commonly called hazard insurance or homeowners insurance (HOI), and is a type of property insurance that applies to private homes. It is a policy that can include various personal insurance protections, such as losses occurring to one's home, its contents, loss of its use, loss of other personal possessions of the homeowner, and liability insurance (for accidents that may happen at the home).
The cost of homeowners insurance usually depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The home insurance policy is a contract, and names what will and what will not be covered in the case of various events. Usually, claims due to earthquakes, floods, and “Acts of God”, or war (whose definition typically includes a nuclear explosion from any source) are excluded; special insurance can be purchased for these possibilities.
Home insurance must be updated to the present and existing home value from time to time. An appraisal (paid by the insurance company) will be added to the policy premium to validate the new coverage limits.