At its core, homeowners insurance is an insurance policy that covers losses and damages to your home and assets in the house.
-Actual Cash Value -Replacement Cost -Guaranteed (or extended) Replacement Cost/Value
Like most insurance policies, the policyholder pays a premium each month to maintain the policy. The premium paid each month can vary based on many factors.
Like other insurance policies, homeowners insurance will cover the costs of making any repairs due to covered damages after the deductible has been paid.