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Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake 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 ...
Hazard insurance is a term mortgage companies use to specify the portion of your homeowners insurance policy that covers its insurable interest, the dwelling and other structures. The remaining ...
The determination of seismic risk is the foundation for risk mitigation decision-making, a key step in risk management. Large corporations and other enterprises (e.g., local governments) analyze their 'portfolio' of properties, to determine how to best allocate limited funds for structural strengthening of buildings, or other risk reduction measures such as emergency planning.
A peril, risk and hazard are all related, but have different meanings when speaking about insurance. A peril is the actual event that causes damage and loss A risk is the likelihood of a peril ...
Searching for the right homeowners insurance policy can be confusing. There is insurance-specific terminology to master, for example. One phrase you may hear when you are talking to insurance ...
A seismic hazard is the probability that an earthquake will occur in a given geographic area, within a given window of time, and with ground motion intensity exceeding a given threshold. [ 1 ] [ 2 ] With a hazard thus estimated, risk can be assessed and included in such areas as building codes for standard buildings, designing larger buildings ...
Home insurance in the United States may differ from other countries; for example, in Britain, subsidence and subsequent foundation failure is usually covered under an insurance policy. [7] United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated ...