Home Insurance
The home policy is a package policy that combines two separate coverages (property and liability insurance) into a single policy. So, if the home suffers a fire loss, for example, the home policy provides coverage for the fire damage. In addition, if a guest falls down the stairs of the home and sues the owner, the home policy provides liability coverage including any defense costs. To be eligible for a home policy the owner must reside in the home. Most home policies are written on an open peril or all-risk basis. This provides the broadest coverage and does not list the covered perils but instead lists what perils are not covered. Within these 2 sections are several subsections.