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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.
Avoid throwing away damaged items: Although it can be tempting to clean up quickly after your home has sustained damage, doing so can hinder the insurance adjuster’s job when it comes to ...
Damage occurring to your property does not automatically mean that you should file a claim against your homeowners insurance policy. You should consider factors to determine if filing a claim is ...
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 ...
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 ...
Soon after, Roberts stepped down, and J.M. Allen became its second president. In 1919, the Hartford Steam Boiler Insurance and Inspection Company got tired of paying the claims on all those broken boilers, so they came up with the idea of this special piping configuration and mandated it for anyone who wanted insurance on their steam boiler.