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There are different types of property damage insurance policies. A homeowner who is paying a bank or lending institution mortgage will be required to purchase basic homeowner insurance in order to protect the lender. Normally, the insurance premium is included in the monthly mortgage payment.
Most basic homeowner insurance policies cover:
Coverage for the home in which you live, as well as other structures that are attached to it, such as a garage or a deck.
Other Structure Protection
Coverage for other structures that lie on your property but are separate from your home, like a detached garage, tool shed or fence.
Personal Property Protection
Coverage for the personal belongings kept within your home or other structures.
Not all natural disasters are covered. Typically fires, rain damage, lightning strikes, windstorms and hail are covered. Flood and earthquake insurance is normally not included, but coverage may be available under a separate policy.
Bodily Injury Liability
Liability coverage for when someone not living with you is injured while on your property.