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The Rising Burden of Homeowners Insurance in the Third District States
Homeowners insurance is a type of insurance contract designed to protect homeowners from financial losses resulting from damage to their home, damage to or loss of personal belongings, or liability for accidents occurring on their property. Mortgage lenders typically require borrowers to maintain adequate insurance coverage to protect both the homeowner’s equity and the lender’s collateral. Homeowners insurance enhances household resilience and contributes to the stability of the overall housing market.