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The most common type of homeowners insurance is the HO-3, which covers your home and detached structure on an open perils basis, and your personal property by named perils. HO-3 policies also ...
Standard HO-3 home insurance policies cover damage to your home’s structure, other structures on your property and your personal belongings, as well your liability as a homeowner and the cost ...
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
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 ...
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.
Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement. Terrorism insurance provides protection against any loss or damage caused by terrorist activities.
Coverage C of your home insurance policy provides financial protection for your personal property. Your personal property could be covered on an open-peril basis or a named-peril basis.
The policy also provides coverage for loss if there is no right of access to the land. Although these are the basic coverages, expanded forms of residential owner's policies exist that cover additional items of loss. [10] The liability limit of the owner's policy is typically the purchase price paid for the property.
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