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Similarly, if a burst pipe causes extensive water damage and results in mold, your homeowners policy may provide coverage to remove the mold as part of the mitigation effort to restore your property.
If and when a peril occurs and causes damage to your property, you may file a claim with your home insurance provider to help cover the repairs. A standard homeowners insurance policy lists the ...
Problems with burst pipes appear to have worsened as households try to cut their energy use, an insurer has warned. Aviva said it dealt with a surge in calls about weather-related insurance claims ...
An insurance policy may or may not cover the costs associated with water damage and the process of water damage restoration. While a common cause of residential water damage is often the failure of a sump pump, many homeowner's insurance policies do not cover the associated costs without an addendum which adds to the monthly premium of the policy.
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
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 ...
Insurance fraud: If at any point a policyholder is found to have caused intentional damage in order to submit a fraudulent claim or takes any action that goes against the insurance policy contract ...
In non-personal injury claims, for instance, a claim for professional negligence against solicitors, the measure of damages will be assessed by the loss suffered by the client due to the negligent act or omission by the solicitor giving rise to the loss. The loss must be reasonably foreseeable and not too remote. Financial losses are usually ...