 TITLE: How Much Does Homeowners Insurance Cost? CONTENT: Homeowners insurance is designed to protect you if an insured event damages your home or belongings. This could include anything from a fire to a tropical storm to a burglary. In many cases, your homeowners insurance policy will also cover medical fees and legal costs if someone injures themselves on your property. It's worth noting, however, that floods and earthquakes are generally excluded from standard policies. (More on this in a bit.) Reading over your policy prior to signing on the dotted line will clarify what's covered.\nWhether a hailstorm damages a window or a friend slips and falls during a dinner party, the first step after ensuring everyone's safety is to file a claim with your insurance company. If the incident is indeed covered, you'll be expected to meet your deductible before your plan will cover any portion of the loss. In most cases, you'll have to satisfy that deductible every time you file a new claim. The Insurance Information Institute points to Florida hurricanes as an exception. Instead of a deductible applying to each storm, it's good for the whole season. END