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When you buy a condo, you own the unit and likely need condo insurance to insure it properly. However, insuring a condo is more similar to a co-op than a home because you are only responsible for ...
Property coverage: Any personal property that is damaged by sudden and accidental water losses will typically be replaced up to your policy’s limit with this type of coverage. For example, if a ...
Water backup coverage: This endorsement provides coverage if your home’s sewer or water lines backup into the drain, toilets or showers from issues like clogged pipes or broken drains. These ...
Building and contents coverage. Countries such as China, Australia, and the United Kingdom use a more straightforward approach to home insurance, called "building and contents coverage" commonly referred to as "home and contents insurance". Relative to the insurance policies of the United States, building and contents coverage offers a very ...
Water damage issues involving your sewage systems, such as an overflow or backup, are typically not covered, but that type of coverage can be purchased as an endorsement. And of course, damage ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
Sewer backup coverage: Although sewer backup coverage is not part of a standard home insurance policy, it can usually be purchased as an endorsement. Performing preventative checks to protect your ...