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Homeowners insurance provides basic financial protection from damage to your property and liability for injuries and property damage you or members of your family cause to other people. Homeowner policies may also cover property damage you or members of your family cause to others. A homeowners policy combines coverages for fire, windstorm, theft and liability into one convenient policy. Damage from most perils is covered under your homeowners policy, but there are exceptions. The most significant exclusions are damage caused by water, earthquakes and neglect. Usually you can obtain coverage for damage caused by flood or earthquake under separate endorsements if necessary. In addition to covering physical damage to your dwelling and its contents, your homeowners policy provides some protection from liability. This includes damages arising from the home itself or the front yard when for example a neighbor slips on your sidewalk and is injured. Most homeowner policies provide some basic coverage for bodily injury and medical expenses. The coverage amount can be increased with additional premiums.

The most common New Jersey homeowner policies include the following six basic coverage types: Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability and Medical Payments coverage. The following basic homeowner's policies provide the following coverage:

• HO-1 covers damage due to fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. This policy is seldom used in New Jersey.
• HO-2 covers perils listed in HO-1, plus building collapse; freezing or discharge of water from internal plumbing, heating, air-conditioning systems or domestic appliances, falling objects, weight of ice, snow or sleet, rupture or bursting of steam or hot water heating systems, and damage from sudden electrical currents to appliances or devices or fixtures or wiring.
• HO-3 covers loss to physical property except when caused by certain exclusions (e.g. earthquake and flood) and all perils covered by HO-2 for damage to or loss of personal property (damage to contents); and personal liability. This is the most popular homeowner policies. A loss to the dwelling is settled on a replacement cost basis. Personal property losses are settled on the basis of actual cash value. For an additional premium, a special (HO-15) endorsement can be added to the HO-3 policy to provide “all-risks” coverage on unscheduled personal property.
• HO-5 is rarely used anymore. However, you may still have an HO-5 policy if you purchased your policy many years ago.
• HO-8 is for older homes it resembles the HO-1 policy, but provides limited theft coverage and loss settlements are usually based on actual cash value.
• HO-4 is for renters/tenants and covers personal property for all of the perils covered under HO-2 and personal liability. HO-4 does not provide coverage on the building structure, but provides other similar coverages under a homeowners policy.
• HO-6 is for condominium owners and covers personal property and liability, their portions of the building and loss of use from the similar perils as covered under HO-2.

Homeowner's insurance is fairly comprehensive and typically covers a broad range of losses. However, policies can vary and there may be exclusions that impact you and your coverage. Be sure to read your policy carefully and consult with an agent so you fully understand coverages and exclusions defined in your policy.

Many homeowners insurance companies offer discounts for non-smokers, for having multiple policies with the same company, for installing certain security features and for a host of other reasons. Be sure you talk to your agent and get all the discounts available to you. A good agent should ask you about your circumstances, tell you about applicable discounts and answer your questions about how different deductible choices will affect the cost of your insurance.

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