Residence insurance isn’t a specific insurance type, but simply refers to any type of homeowners policy that you purchase to protect the financial investment you've made in your abode.
What it Covers
This type of plan is often referred to as a "package policy." That's because it provides coverage for:
- Damage to the structure of your home
- Damage to your personal belongings
- Additional living expenses if you're temporarily unable to live in your home after it's been damaged
- Liability if someone is injured on your property