Definition, Meaning & Synonyms

residence-insurance

Noun

/ˈrɛzɪdəns ˌɪnˈʃʊərəns/

Definition

A type of insurance policy that provides coverage for a homeowner’s dwelling and possessions within it.

Examples

After purchasing a new home, they immediately sought residence insurance to protect their investment.
Many lenders require residence insurance before approving a mortgage.
The residence insurance policy covered damages caused by a storm last winter.

Meaning

Residence insurance protects the physical structure of a home as well as the homeowner’s personal property from various risks such as fire, theft, and natural disasters.