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Builder's risk covers perils such as fire, wind, theft, vandalism and many more. It typically does not cover perils such as earthquake, flood or hurricane damage unless the policy has been specifically endorsed to do so. [3] However, earthquake riders can be economical, depending on where a project is located.
An HO-2 typically covers 16 named perils, including damage from fire and lightning, windstorms and hail, and theft. HO-2 policies may be cheaper since they offer less coverage, but you may be ...
A peril refers to an unpredictable event that causes damage to your property, like an accidental kitchen fire, a windstorm or a burst pipe. Your home insurance will typically include a list of ...
Generally, damage caused by the following perils is covered by an HO-4 policy: Fire or lightning. Windstorm or hail. Explosion. Riot / civil commotion. Damage from aircraft. Damage from vehicles ...
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 ...
Accidental water damage; Artificially generated electricity; Special "all risk" [6] – special-form coverage is the most inclusive of the three options. The difference with "special form" policies is that they cover all losses unless specifically excluded. Unlike the prior forms, all unlisted perils are covered perils.
Home & Garden. Lighter Side
In the past, earthquake loss was assessed using a collection of mass inventory data and was based mostly on experts' opinions. Today it is estimated using a Damage Ratio (DR), a ratio of the earthquake damage money amount to the total value of a building. [1] Another method is the use of HAZUS, a computerized procedure for loss estimation.