The home owner insurance policy is the agreement that is established between a homeowner and insurance policy to guarantee insurance coverage. For all legal purposes, the insurance policy is binding as a contract between the two parties. Within the policy, the type of coverage, which is the most important component of any insurance, will be specified. Homeowner insurances will generally consist of up to three types of coverage, the most basic being coverage on the structure of the home. Coverage may also extend to more detailed, more practical options, such as protection over personal property, liability coverage, and the costs of relocation expenses. The insurance policy will also detail many other particulars of the insurance agreement - names of insured, insurance company, insured property, the amount of premium (payments), conditions, and deductible.