Home insurance, also commonly called hazard insurance or homeowner’s insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes.
Common coverage includes
- Vandalism to the home
- Theft of articles from a home,
- Injury by guests to the home.
Things which are normally not covered by insurance include normal wear and tear of the home, as well as neglect, or home owners failure to respond to incidents.
As an example, if a wind storm rips off shingles from the roof, it is the home owners responsibility to repair any damage in a timely fashion. If the owner fails to repair or replace the shingles, and a subsequent rain storm causes water damage to the interior of the home, the owner may not be covered for this 2nd event.