Homeowner insurance protects the owner and any lien holder from financial loss due to accidents, natural disasters, theft, or other damage. Most mortgage companies require their customers to maintain homeowner insurance that will restore the collateral to its original value or pay off the mortgage in case of a total loss. The cost of homeowner insurance is based on the value of the property and the contents of the home. Any claim submitted by the insured will be reduced by the amount of a deductible.
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