HOI - Homeowners Insurance
The definition of mortgage term: Homeowners Insurance
Homeowners insurance is a multiline property insurance policy for private residence. The HOI covers both liability insurance, if someone were to be injured on your property, and homeowners insurance to cover the home from damage. Flood damage is typically excluded in standard homeowners policies but can be purchased independently. The cost of homeowners insurance is often determined by how much it would cost to replace the residence.
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