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Dwelling vs. personal property

Dwelling coverage protects the physical structure of your home. Personal property coverage protects your belongings: furniture, electronics, clothing, and valuables.

What a standard HO-3 policy covers

• Fire, lightning, and explosion
• Windstorm and hail
• Theft and vandalism
• Personal liability for injuries on your property
• Additional living expenses if your home is uninhabitable

What's usually excluded

• Flood damage (requires separate NFIP or private flood policy)
• Earthquake (separate endorsement)
• High-value items above sub-limits (jewelry, art) without a rider
• Maintenance-related damage and gradual wear

Replacement cost vs. actual cash value

Replacement cost pays to rebuild or replace without depreciation. Actual cash value subtracts depreciation, so payouts are lower. Replacement cost coverage is strongly recommended despite the slightly higher premium.