What is Home Owners insurance?

Home Owners insurance is a type of property insurance that covers a private residence.

It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the home owner, as well as liability insurance for accidents that may happen at the home or at the hands of the home owner within the policy territory.

Home owners policy is referred to as a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage.

Most home owners policies will allow you to repair or renovate your home. You'll need to inform your provider about proposed renovations or building plans, in order to learn how this would affect your current coverage.

Take a closer look at your home owners insurance plan.

It will possibly refer to "regular usage" of the property. If you are undertaking renovations, or if you plan to vacate your home during renovations, these could fall outside the realm of regular use as defined by the insurance company.

You'll need to let them know the full value of the work planned, because it could increase your property value to a point that exceeds current coverage.