Homeowners can customize their coverage by adding specific coverage tailored to their needs. These may include unattached structures, personal property, medical payments, additional living expenses, sewer backup, and umbrella liability. Additionally, most mortgage lenders require homeowner’s coverage, with the homeowner listed as the mortgagor.

In addition, most policies can also cover personal belongings and liability arising from covered accidents. Homeowner’s insurance policies provide comprehensive coverage for the home's structure, attached structures, fixtures, and built-in appliances.

Exposure to damage from perils such as windstorm, hail, explosion, riot, civil commotion, aircraft, vehicles, smoke, vandalism, malicious mischief, theft and breakage of glass, severe weather, flood or earthquake coverage can be purchased separately for those residing in areas prone to these hazards.

The limits of coverage on a policy represent the amount of insurance purchased. Dwelling coverage should be enough to cover the cost to fully rebuild the insured home. Coverage limits for personal liability and medical payments are chosen by the policyholder. The limits of coverage for the other coverages are typically calculated as percentages of the dwelling limit. You can insure based on replacement cost (cost to rebuild) or actual cash value (market value).

Before an insurer will pay a claim, the policyholder must pay the deductible. A deductible is the portion of financial loss on the home and/or personal property for which the policyholder is responsible. Insurers share in the losses beyond the dollar threshold set by the deductible. Thus, the lower the deductible amount, the higher the policy premium. 

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