Homeowner’s Insurance is what is considered a package policy. Meaning, it combines two or more policies in one to give you a convenient ‘package’ for your residence. We say residence because, even though it is called Homeowner’s, there are various versions of this policy that will provide coverage to a home, apartment, condo or even a hotel room you are in temporarily. It’s main purpose is to protect you from damage to your property and personal possessions but also extend to liability on the premises as well. Commonly, these policies will protect anyone who lives at the residence but also children who are students living away from home.

Fun Fact: The first company to cover fire insurance (what was then considered Homeowner’s) was founded in 1732 in Charleston, SC. However, 20 years later, none other than noted insurance entrepreneur Benjamin Franklin popularized it with his company Philadelphia Contributionship for the Insurance of Houses from Loss by Fire . Which is still in business!

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