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The policy type you have and the company you insure your home with will determine the types of perils covered. For instance, the HO-3 covers 16 perils, with more typically available if you choose ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Of these, 79.52% had an HO-3 Special policy, and 13.35% had the more expensive HO-5 Comprehensive. Both of these policies are "all risks" or "open perils", meaning that they cover all perils except those specifically excluded. Homes covered by an HO-2 Broad policy accounted for 5.15%, which covers only specific named perils.
If a covered peril occurs and your belongings are damaged, you can file a claim with your insurance company. Note that most HO-4 policies include a deductible. So, your insurance company will help ...
The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [ 2 ] : 10 In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract.
Optimism bias is the overestimation of the likelihood of positive events happening to you, and the underestimation of potentially negative events. Guest View: Hard-wired for hope and the perils of ...
Earthquake – This is usually only partially covered, or not at all by a conventional policy; Extended Title – is an extended coverage because there are many things not covered by basic title insurance policies; Medical – Covers illnesses and lengths of stay not covered by the basic medical or health care policy
Multiple-peril insurance coverage is a kind of insurance that bundles together multiple coverages that typically would be needed with each other. Typically the package may include coverage for business crime, business automobile, boiler and machinery, marine, or farm. [ 1 ]