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Home insurance covers the hazards that most homeowners face—everything from fire to theft, a cracked foundation to accidents on your property. When a loss occurs, you will file a claim with your insurance carrier and you are paid for the covered expenses, minus any deductible amount.
Insurance also covers personal liability exposures, to protect you from many situations that could lead to lawsuits from others. For instance, if someone slips and falls in your home, or is injured somewhere on your property, you can be held responsible. Liability coverage is there to protect you.