"Property insurance" is a broad term that includes various policies to protect property, such as homeowners, renters, flood, and earthquake insurance. "Homeowners insurance" is a specific type of property insurance designed for homeowners, covering the physical structure of the home, personal belongings, and liability.

A standard policy typically includes four main types of coverage:

• Dwelling: Protects the physical structure of your home and attached structures like a porch or garage.
• Other Structures: Covers detached structures on your property, such as a shed, detached garage, or fence.
• Personal Property: Protects your personal belongings, including furniture, clothing, and electronics, whether they are in your home or with you somewhere else in the world.
• Personal Liability: Provides financial protection against claims of bodily injury or property damage to others for which you or a family member are legally responsible.

Dwelling coverage, also known as Coverage A, is the part of your policy that covers the cost of rebuilding or repairing the physical structure of your home and anything permanently attached to it, such as a porch, deck, or built-in appliances.

This coverage helps you replace or repair your personal belongings if they are damaged, destroyed, or stolen due to a covered event. It can include items like furniture, electronics, clothing, and sports equipment.

Personal liability coverage protects you financially if you are found legally responsible for an injury or property damage to someone else. It can cover medical bills for a guest who is injured on your property or legal fees if you are sued.

Actual Cash Value (ACV) pays for the cost of repairing or replacing an item, minus depreciation for age and wear. Replacement Cost Value (RCV) pays for the cost to replace an item with a new one of similar quality at today's prices, without deducting for depreciation. RCV policies generally have higher premiums but provide more money in the event of a claim.

No, a standard homeowners insurance policy does not cover flood damage. You must purchase a separate flood insurance policy, often available through the National Flood Insurance Program (NFIP) or a private insurer.

No, damage from earthquakes is not covered by a standard homeowners insurance policy. Like flood insurance, you need to purchase a separate earthquake insurance policy to be protected against this peril.

A deductible is the amount of money you are responsible for paying toward a covered loss before your insurance coverage kicks in. For example, if you have a $1,000 deductible and a covered claim for $10,000, you will pay the first $1,000 and your insurer will pay the remaining $9,000.

There are several ways to reduce your premium, including:

• Shopping around and comparing quotes from multiple companies.
• Bundling your home and auto policies with the same insurer.
• Increasing your deductible.
• Improving your home's safety by installing a security system, smoke detectors, or making other updates.
• Asking your agent about all available discounts.