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An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
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 ...
Your home insurance policy type will determine whether or not your dwelling and personal property are covered on a named or open peril basis. Generally, perils are covered as:
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
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 ...
If a covered peril occurs and your belongings are damaged, you can file a claim with your insurance company. Note that most HO-4 policies include a deductible. So, your insurance company will help ...
On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013. [3]
With a homeowners insurance policy in place, your lender is ensured a payout in the event a covered peril occurs. Standard home insurance policies do not cover flood damage, so you may also be ...